NPORT-EX 2 FTFT.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FTFT-Q3PH
1
Statements
of
Investments
(unaudited)
Franklin
Alabama
Tax-Free
Income
Fund
2
Franklin
Arizona
Tax-Free
Income
Fund
5
Franklin
Colorado
Tax-Free
Income
Fund
12
Franklin
Connecticut
Tax-Free
Income
Fund
19
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
22
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
45
Franklin
Georgia
Tax-Free
Income
Fund
60
Franklin
High
Yield
Tax-Free
Income
Fund
65
Franklin
Louisiana
Tax-Free
Income
Fund
113
Franklin
Maryland
Tax-Free
Income
Fund
117
Franklin
Massachusetts
Tax-Free
Income
Fund
121
Franklin
Michigan
Tax-Free
Income
Fund
125
Franklin
Minnesota
Tax-Free
Income
Fund
133
Franklin
Missouri
Tax-Free
Income
Fund
141
Franklin
Municipal
Green
Bond
Fund
148
Franklin
New
Jersey
Tax-Free
Income
Fund
152
Franklin
North
Carolina
Tax-Free
Income
Fund
158
Franklin
Ohio
Tax-Free
Income
Fund
164
Franklin
Oregon
Tax-Free
Income
Fund
174
Franklin
Pennsylvania
Tax-Free
Income
Fund
181
Franklin
Virginia
Tax-Free
Income
Fund
189
Notes
to
Statements
of
Investments
194
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
Alabama
Tax-Free
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
2
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.7%
Alabama
91.6%
Alabama
Community
College
System
,
Bishop
State
Community
College
,
Revenue
,
2019
,
BAM
Insured
,
4
%
,
1/01/49
......................................
$
2,000,000
$
2,264,696
Alabama
Federal
Aid
Highway
Finance
Authority
,
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
6/01/37
.........................................................
4,130,000
5,127,797
Alabama
Special
Care
Facilities
Financing
Authority-Birmingham
,
Ascension
Health
Credit
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/46
...................
3,000,000
3,517,652
Auburn
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
6/01/33
..................
2,500,000
2,859,107
Bessemer
Governmental
Utility
Services
Corp.
,
Water
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/39
...........................................
6,000,000
7,313,999
Birmingham
Airport
Authority
,
Revenue,
2020,
Refunding,
BAM
Insured,
5%,
7/01/32
......................
300,000
388,652
Revenue,
2020,
Refunding,
BAM
Insured,
5%,
7/01/33
......................
325,000
420,301
Revenue,
2020,
Refunding,
BAM
Insured,
5%,
7/01/34
......................
400,000
516,311
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/35
......................
350,000
419,423
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/36
......................
500,000
597,962
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/37
......................
545,000
650,313
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/38
......................
400,000
476,435
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/39
......................
2,540,000
3,008,151
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/40
......................
705,000
831,672
Birmingham-Jefferson
Civic
Center
Authority
,
Special
Tax
,
2018
A
,
5
%
,
7/01/33
.....
1,605,000
1,940,463
a
Black
Belt
Energy
Gas
District
,
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
4
%
,
12/01/31
........................................................
2,000,000
2,444,131
Board
of
Water
&
Sewer
Commissioners
of
the
City
of
Mobile
,
Revenue
,
2014
,
Refunding
,
5
%
,
1/01/36
.............................................
10,000,000
10,481,572
Calhoun
County
Board
of
Education
,
Special
Tax
,
2016
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
2/01/46
......................................................
6,000,000
7,095,737
City
of
Bessemer
,
Water
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
1/01/47
...
2,590,000
3,086,127
City
of
Birmingham
,
GO
,
2021
A
,
4
%
,
6/01/50
..............................
2,500,000
2,952,701
City
of
Boaz
,
Water
&
Sewer,
Revenue,
2021,
AGMC
Insured,
4%,
9/01/46
.................
1,000,000
1,167,461
Water
&
Sewer,
Revenue,
2021,
AGMC
Insured,
4%,
9/01/50
.................
1,500,000
1,743,844
City
of
Decatur
,
Water
&
Sewer
,
Revenue
,
2021
A
,
4
%
,
8/15/50
.................
3,000,000
3,540,657
City
of
Huntsville
,
GO,
2018
B,
5%,
5/01/38
............................................
4,775,000
5,907,186
Water,
Revenue,
2015,
Pre-Refunded,
5%,
11/01/35
.......................
4,000,000
4,620,209
City
of
Lincoln
,
GO
,
2020
,
BAM
Insured
,
4
%
,
6/01/50
........................
2,500,000
2,920,846
City
of
Madison
,
GO
,
2015
A
,
Pre-Refunded
,
5
%
,
4/01/37
.....................
2,590,000
2,982,821
City
of
Pelham
,
GO
,
2014
,
Pre-Refunded
,
5
%
,
2/01/34
.......................
2,635,000
2,902,616
City
of
Trussville
,
GO,
2014
B,
Pre-Refunded,
5%,
10/01/39
...............................
1,895,000
2,059,798
GO,
2018
A,
4%,
8/01/41
............................................
3,000,000
3,530,565
City
of
Tuscaloosa
,
GO
,
2020
A
,
4
%
,
10/01/50
..............................
4,580,000
5,436,167
County
of
Mobile
,
GO,
2020
A,
Refunding,
4%,
8/01/38
...................................
1,000,000
1,208,081
b
Revenue,
144A,
2020,
4%,
11/01/45
...................................
1,000,000
1,084,633
DCH
Healthcare
Authority
,
Revenue,
2015,
Refunding,
5%,
6/01/36
.................................
2,000,000
2,273,448
Revenue,
2021
A,
4%,
6/01/46
........................................
2,310,000
2,656,815
East
Alabama
Health
Care
Authority
(The)
,
Revenue,
2018
A,
4%,
9/01/30
........................................
1,000,000
1,149,562
Revenue,
2018
A,
5%,
9/01/41
........................................
3,000,000
3,622,335
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Alabama
(continued)
c
Florence
Public
Building
Authority
,
City
of
Florence
,
Revenue
,
2021
,
4
%
,
9/01/35
....
$
500,000
$
593,611
Health
Care
Authority
of
the
City
of
Huntsville
(The)
,
Health
Care
Authority
of
the
City
of
Huntsville
(The)
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
6/01/45
..............
10,000,000
11,641,631
Homewood
Educational
Building
Authority
,
Samford
University,
Revenue,
2019
A,
Refunding,
4%,
12/01/49
...............
2,500,000
2,830,929
Samford
University,
Revenue,
2021
A,
4%,
12/01/51
.......................
1,470,000
1,668,290
Infirmary
Health
System
Special
Care
Facilities
Financing
Authority
of
Mobile
,
Infirmary
Health
System
Obligated
Group,
Revenue,
2016
A,
5%,
2/01/41
.......
3,000,000
3,431,684
Infirmary
Health
System
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
2/01/46
3,000,000
3,502,835
Jacksonville
State
University
,
Revenue,
2017,
Refunding,
AGMC
Insured,
5%,
12/01/36
...................
5,000,000
6,024,862
Revenue,
2020,
Refunding,
4%,
12/01/50
................................
5,000,000
5,669,193
Limestone
County
Water
&
Sewer
Authority
,
Revenue
,
2015
B
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
12/01/43
..............................................
5,920,000
6,683,807
Madison
City
Board
of
Education
,
Special
Tax
,
2019
,
4
%
,
2/01/44
...............
3,000,000
3,483,203
Madison
Water
&
Wastewater
Board
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/41
.....
4,610,000
5,544,660
Marshall
County
Board
of
Education
,
Special
Tax
,
2016
,
AGMC
Insured
,
4
%
,
3/01/41
1,000,000
1,096,953
Opelika
Utilities
Board
,
Revenue
,
2017
,
Refunding
,
4
%
,
6/01/41
................
2,000,000
2,296,166
Oxford
City
Board
of
Education
,
Special
Tax
,
2020
A
,
Refunding
,
4
%
,
5/01/50
......
2,500,000
2,925,491
Selma
Industrial
Development
Board
,
International
Paper
Co.
,
Revenue
,
2011
A
,
5.375
%
,
12/01/35
..................................................
3,000,000
3,011,149
a
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue,
2021
A,
Mandatory
Put,
4%,
10/01/28
...........................
2,000,000
2,345,693
Revenue,
2021
B,
Mandatory
Put,
4%,
12/01/31
...........................
5,000,000
6,021,098
Special
Care
Facilities
Financing
Authority
of
the
City
of
Pell
City
Alabama
,
Noland
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/39
.................
4,000,000
4,657,301
Talladega
County
Board
of
Education
,
Special
Tax
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
11/01/39
........................................................
2,000,000
2,409,556
Troy
Public
Educational
Building
Authority
,
Troy
City
Board
of
Education
,
Revenue
,
2011
,
AGMC
Insured
,
5.25
%
,
12/01/40
..................................
295,000
296,087
Tuscaloosa
City
Board
of
Education
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
8/01/41
...
4,000,000
4,819,828
Tuscaloosa
County
Board
of
Education
,
Special
Tax
,
2017
,
4
%
,
2/01/47
..........
5,000,000
5,679,688
UAB
Medicine
Finance
Authority
,
UAB
Medicine
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
9/01/29
.............................................
5,000,000
5,978,690
University
of
Alabama
(The)
,
Revenue,
2013
D-2,
5%,
10/01/37
.....................................
7,520,000
8,100,176
Revenue,
2018
B2,
5%,
9/01/48
.......................................
5,000,000
6,074,876
University
of
Montevallo
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
5/01/42
....
2,500,000
2,980,405
University
of
South
Alabama
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
4/01/49
........
2,000,000
2,442,729
Water
Works
Board
of
the
City
of
Birmingham
(The)
,
Revenue,
2016
B,
Pre-Refunded,
5%,
1/01/43
............................
10,000,000
12,160,456
Revenue,
Senior
Lien,
2016
A,
Pre-Refunded,
4%,
1/01/35
...................
4,000,000
4,675,611
234,246,904
Illinois
1.6%
c
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
12/15/42
.
1,000,000
1,144,683
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
750,000
877,458
GO,
2017
D,
5%,
11/01/27
...........................................
1,000,000
1,210,136
GO,
2020
B,
5%,
10/01/29
...........................................
280,000
351,223
GO,
2020
B,
4%,
10/01/33
...........................................
200,000
234,981
GO,
2021
A,
4%,
3/01/41
............................................
300,000
348,494
4,166,975
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
4
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
1.1%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2019
BB,
4%,
6/15/50
.......................................
$
250,000
$
278,778
Revenue,
2021
A,
Refunding,
5%,
6/15/33
...............................
1,200,000
1,556,357
Revenue,
2021
A,
Refunding,
4%,
6/15/34
...............................
500,000
590,676
State
of
New
Jersey
,
GO
,
2020
A
,
5
%
,
6/01/28
.............................
250,000
310,684
2,736,495
New
York
1.4%
Metropolitan
Transportation
Authority
,
Revenue,
2020
D,
4%,
11/15/47
.......................................
1,000,000
1,136,833
Revenue,
2021
A-1,
4%,
11/15/46
.....................................
560,000
641,155
Revenue,
2021
A-2,
4%,
11/15/42
.....................................
1,600,000
1,846,118
3,624,106
Wisconsin
0.7%
b
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
.................................
1,700,000
1,700,000
U.S.
Territories
1.3%
Guam
0.5%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
1,000,000
1,225,726
Puerto
Rico
0.8%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
500,000
542,234
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/34
....................
1,000,000
1,089,043
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue
,
L
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/35
.............................................
530,000
575,880
2,207,157
Total
U.S.
Territories
....................................................................
3,432,883
Total
Municipal
Bonds
(Cost
$233,128,418)
.....................................
249,907,363
a
a
a
a
a
Total
Investments
(Cost
$233,128,418)
97.7%
...................................
$249,907,363
Other
Assets,
less
Liabilities
2.3%
.............................................
5,852,073
Net
Assets
100.0%
...........................................................
$255,759,436
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
aggregate
value
of
these
securities
was
$2,784,633,
representing
1.1%
of
net
assets.
c
Security
purchased
on
a
when-issued
basis.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
Arizona
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
5
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.9%
Arizona
95.2%
Arizona
Board
of
Regents
,
Revenue
,
2020
A
,
5
%
,
7/01/35
.....................
$
1,000,000
$
1,302,793
Arizona
Department
of
Transportation
,
State
Highway
Fund,
Revenue,
2015,
Refunding,
5%,
7/01/31
................
10,000,000
11,115,917
State
Highway
Fund,
Revenue,
2016,
Refunding,
5%,
7/01/36
................
8,680,000
10,247,734
Arizona
Health
Facilities
Authority
,
HonorHealth
Obligated
Group,
Revenue,
2014
A,
Refunding,
5%,
12/01/39
......
15,000,000
16,872,476
HonorHealth
Obligated
Group,
Revenue,
2014
A,
Refunding,
5%,
12/01/42
......
9,535,000
10,710,153
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2012
A,
Refunding,
5%,
2/01/42
........................................................
8,000,000
8,063,134
Arizona
Industrial
Development
Authority
,
Academies
of
Math
&
Science
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/42
........................................................
2,045,000
2,378,986
Academies
of
Math
&
Science
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/51
........................................................
1,080,000
1,244,533
Arizona
Agribusiness
and
Equine
Center,
Inc.,
Revenue,
2017
A,
5%,
3/01/48
....
1,555,000
1,794,892
BASIS
Schools,
Inc.
Obligated
Group,
Revenue,
2017
F,
Refunding,
5%,
7/01/47
..
3,350,000
3,912,526
Children's
National
Medical
Center
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/40
865,000
1,020,901
Children's
National
Medical
Center
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/46
2,750,000
3,187,729
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/33
.......................................................
1,000,000
1,232,438
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/38
.......................................................
1,630,000
1,986,947
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/39
.......................................................
1,000,000
1,217,015
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/44
.......................................................
6,645,000
8,018,931
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
4%,
11/01/49
.......................................................
5,115,000
5,703,555
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
2019
A,
5%,
1/01/38
.....
1,175,000
1,220,752
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
2019
A,
5%,
1/01/54
.....
1,250,000
1,302,765
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
Second
Tier,
2019
B,
5%,
1/01/36
........................................................
1,105,000
1,077,698
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
Second
Tier,
2019
B,
5%,
1/01/49
........................................................
3,500,000
3,276,552
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
Second
Tier,
2019
B,
5.125%,
1/01/54
.................................................
2,000,000
1,893,799
GreatHearts
Arizona
Obligated
Group,
Revenue,
2021
B,
4%,
7/01/31
..........
315,000
363,741
GreatHearts
Arizona
Obligated
Group,
Revenue,
2021
B,
4%,
7/01/41
..........
405,000
464,354
GreatHearts
Arizona
Obligated
Group,
Revenue,
2021
B,
4%,
7/01/52
..........
840,000
947,281
Kipp
New
York,
Inc.
Gerard
Facility,
Revenue,
2021
C,
3.25%,
7/01/31
..........
1,550,000
1,563,069
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
4%,
7/01/41
..........
2,800,000
3,151,318
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
4%,
7/01/51
..........
7,000,000
7,761,713
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
4%,
7/01/61
..........
10,930,000
12,022,420
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020
A,
4%,
2/01/50
.....
11,595,000
13,390,175
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
2/01/35
........................................................
1,700,000
2,261,250
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
2/01/36
........................................................
1,800,000
2,387,377
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
2/01/37
........................................................
1,900,000
2,513,631
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
2/01/38
........................................................
1,700,000
2,053,493
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
2/01/39
........................................................
2,000,000
2,410,296
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
2/01/40
........................................................
1,000,000
1,202,783
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Arizona
Industrial
Development
Authority,
(continued)
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
3%,
2/01/41
........................................................
$
885,000
$
945,181
Provident
Group-NCCU
Properties
LLC,
Revenue,
2019
A,
BAM
Insured,
5%,
6/01/49
........................................................
3,345,000
4,056,824
Provident
Group-NCCU
Properties
LLC,
Revenue,
2019
A,
BAM
Insured,
5%,
6/01/54
........................................................
3,240,000
3,915,372
Arizona
Sports
&
Tourism
Authority
,
Revenue
,
2012
A
,
Refunding
,
5
%
,
7/01/36
.....
1,550,000
1,583,478
Arizona
State
University
,
Revenue,
2014,
5%,
8/01/33
.........................................
2,200,000
2,459,870
Revenue,
2014,
5%,
8/01/34
.........................................
3,320,000
3,710,589
Revenue,
2014,
5%,
8/01/44
.........................................
4,145,000
4,615,099
Revenue,
2015
B,
Refunding,
5%,
7/01/41
...............................
14,070,000
16,145,456
Revenue,
2015
D,
5%,
7/01/41
........................................
5,000,000
5,737,546
Revenue,
2015
D,
5%,
7/01/46
........................................
5,000,000
5,733,727
Revenue,
2016
B,
5%,
7/01/42
........................................
2,000,000
2,368,009
Revenue,
2016
C,
5%,
7/01/46
........................................
10,000,000
11,802,916
Revenue,
2017
B,
Refunding,
5%,
7/01/43
...............................
4,005,000
4,858,675
Revenue,
2019
A,
5%,
7/01/43
........................................
2,100,000
2,645,951
Carefree
Utilities
Community
Facilities
District
,
Town
of
Carefree
Water
System
,
Revenue
,
2021
,
4
%
,
7/01/51
.........................................
2,000,000
2,356,121
Central
Arizona
Water
Conservation
District
,
Revenue
,
2016
,
5
%
,
1/01/34
.........
1,000,000
1,163,315
City
of
El
Mirage
,
GO
,
2012
,
AGMC
Insured
,
5
%
,
7/01/42
.....................
2,200,000
2,254,535
City
of
Goodyear
,
Water
&
Sewer,
Revenue,
Sub.
Lien,
2020,
Refunding,
AGMC
Insured,
4%,
7/01/39
600,000
712,110
Water
&
Sewer,
Revenue,
Sub.
Lien,
2020,
AGMC
Insured,
4%,
7/01/45
.........
5,000,000
5,846,075
Water
&
Sewer,
Revenue,
Sub.
Lien,
Second
Series,
2020,
AGMC
Insured,
4%,
7/01/40
........................................................
650,000
770,274
Water
&
Sewer,
Revenue,
Sub.
Lien,
Second
Series,
2020,
AGMC
Insured,
4%,
7/01/45
........................................................
7,135,000
8,342,349
City
of
Lake
Havasu
City
,
Wastewater
System,
Revenue,
2015
B,
Refunding,
AGMC
Insured,
5%,
7/01/40
...
15,000,000
17,047,364
Wastewater
System,
Revenue,
2015
B,
Refunding,
AGMC
Insured,
5%,
7/01/43
...
9,155,000
10,370,058
City
of
Mesa
,
Utility
System,
Revenue,
2018,
5%,
7/01/32
..............................
1,000,000
1,246,026
Utility
System,
Revenue,
2018,
5%,
7/01/34
..............................
1,265,000
1,571,644
Utility
System,
Revenue,
2018,
4%,
7/01/38
..............................
1,425,000
1,665,239
Utility
System,
Revenue,
2018,
4%,
7/01/39
..............................
6,135,000
7,157,920
Utility
System,
Revenue,
2018,
5%,
7/01/42
..............................
15,000,000
18,403,083
Utility
System,
Revenue,
2019
A,
5%,
7/01/43
............................
10,000,000
12,534,349
Utility
System,
Revenue,
2020,
Refunding,
4%,
7/01/34
.....................
2,500,000
3,043,466
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport,
Revenue,
2017
A,
5%,
7/01/42
..................................
15,090,000
18,156,892
Airport,
Revenue,
Junior
Lien,
2017
D,
Refunding,
4%,
7/01/40
...............
20,570,000
23,411,163
Airport,
Revenue,
Junior
Lien,
2019
B,
5%,
7/01/44
........................
8,500,000
10,442,730
Airport,
Revenue,
Senior
Lien,
2018,
5%,
7/01/48
..........................
5,000,000
6,011,718
Excise
Tax,
Revenue,
2015
A,
Refunding,
5%,
7/01/41
......................
10,000,000
11,440,762
Excise
Tax,
Revenue,
2020
A,
Refunding,
4%,
7/01/45
......................
3,550,000
4,209,000
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/34
..................................................
2,500,000
3,107,978
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/37
..................................................
1,500,000
1,855,144
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/38
..................................................
8,420,000
10,397,141
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
City
of
Phoenix
Civic
Improvement
Corp.,
(continued)
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
4%,
7/01/45
..................................................
$
2,500,000
$
2,837,083
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/27
........................................................
3,945,000
4,915,443
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/28
........................................................
2,000,000
2,553,485
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/29
........................................................
2,000,000
2,599,117
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/36
........................................................
5,000,000
7,313,027
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/37
........................................................
7,000,000
10,393,426
Wastewater,
Revenue,
Junior
Lien,
2018
A,
5%,
7/01/37
.....................
1,000,000
1,243,850
Wastewater,
Revenue,
Junior
Lien,
2018
A,
4%,
7/01/39
.....................
5,000,000
5,833,676
Water
System,
Revenue,
Junior
Lien,
2014
A,
Pre-Refunded,
5%,
7/01/39
.......
10,000,000
11,200,865
Water
System,
Revenue,
Junior
Lien,
2016,
Refunding,
5%,
7/01/39
............
5,000,000
5,854,060
Water
System,
Revenue,
Junior
Lien,
2020
B,
5%,
7/01/44
...................
5,000,000
6,420,105
Water
System,
Revenue,
Junior
Lien,
2021
A,
5%,
7/01/45
...................
3,000,000
3,934,089
City
of
Tucson
,
Water
System,
Revenue,
2020,
4%,
7/01/36
..............................
650,000
782,560
Water
System,
Revenue,
2020,
4%,
7/01/37
..............................
500,000
600,614
County
of
Maricopa
,
Banner
Health
Obligated
Group
,
Revenue
,
2005
,
Pre-Refunded
,
5
%
,
4/01/35
......................................................
12,090,000
13,373,594
Glendale
Industrial
Development
Authority
,
Midwestern
University,
Revenue,
2007,
Refunding,
5%,
5/15/31
...............
3,455,000
3,510,076
People
of
Faith,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
5/15/41
...........
1,500,000
1,706,969
People
of
Faith,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
5/15/56
...........
4,000,000
4,500,848
Glendale
Municipal
Property
Corp.
,
Revenue
,
2012
C
,
Refunding
,
5
%
,
7/01/38
.....
18,530,000
19,385,221
Golder
Ranch
Fire
District
,
GO
,
2021
,
4
%
,
7/01/45
..........................
1,155,000
1,359,308
Industrial
Development
Authority
of
the
City
of
Phoenix
(The)
,
Downtown
Phoenix
Student
Housing
II
LLC,
Revenue,
2019
A,
5%,
7/01/44
......
1,000,000
1,192,192
Downtown
Phoenix
Student
Housing
II
LLC,
Revenue,
2019
A,
5%,
7/01/49
......
1,995,000
2,367,715
Downtown
Phoenix
Student
Housing
II
LLC,
Revenue,
2019
A,
5%,
7/01/54
......
1,330,000
1,573,401
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/25
1,015,000
1,157,476
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/27
425,000
511,918
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/30
700,000
847,111
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/32
250,000
299,776
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/33
600,000
718,228
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/37
2,750,000
3,269,340
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/42
8,550,000
10,083,632
GreatHearts
Arizona
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/36
.
4,065,000
4,521,193
GreatHearts
Arizona
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/41
.
1,225,000
1,355,934
GreatHearts
Arizona
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
.
1,335,000
1,470,925
JMF-
Higley
2012
LLC,
Revenue,
2012,
5%,
12/01/34
.......................
1,355,000
1,409,943
JMF-
Higley
2012
LLC,
Revenue,
2012,
5%,
12/01/39
.......................
5,610,000
5,828,326
Vista
College
Preparatory
Obligated
Group,
Revenue,
2018
A,
5%,
7/01/48
......
1,000,000
1,175,139
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
Christian
Care
Tucson,
Inc.,
Revenue,
2017
C,
Refunding,
5%,
12/15/47
........
3,840,000
4,304,361
Christian
Care
Tucson,
Inc.,
Revenue,
Senior
Lien,
2017
A,
Refunding,
5%,
12/15/32
1,765,000
2,005,181
Christian
Care
Tucson,
Inc.,
Revenue,
Senior
Lien,
2017
A,
Refunding,
5%,
6/15/37
2,240,000
2,532,338
TMC
HealthCare
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
4/01/46
....
11,295,000
13,254,483
TMC
HealthCare
Obligated
Group,
Revenue,
2021
A,
Refunding,
3%,
4/01/51
....
12,000,000
12,615,950
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Industrial
Development
Authority
of
the
County
of
Yavapai
(The)
,
Yavapai
Community
Hospital
Association
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/34
............................................
$
4,250,000
$
4,960,307
Yavapai
Community
Hospital
Association
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/36
............................................
1,310,000
1,529,132
Yavapai
Community
Hospital
Association
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
8/01/38
............................................
1,510,000
1,760,087
Yavapai
Community
Hospital
Association
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
8/01/39
............................................
1,350,000
1,685,982
Yavapai
Community
Hospital
Association
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
8/01/43
............................................
3,000,000
3,475,917
La
Paz
County
Industrial
Development
Authority
,
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/23
....................
110,000
115,672
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/25
....................
90,000
101,091
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/26
....................
95,000
109,591
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/27
....................
75,000
88,649
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/28
....................
80,000
96,278
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/29
....................
110,000
134,416
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/30
....................
100,000
123,750
Harmony
Public
Schools,
Revenue,
2021
A,
4%,
2/15/41
....................
430,000
487,343
Harmony
Public
Schools,
Revenue,
2021
A,
4%,
2/15/46
....................
345,000
388,915
Harmony
Public
Schools,
Revenue,
2021
A,
4%,
2/15/51
....................
580,000
650,960
Maricopa
County
High
School
District
No.
214
Tolleson
Union
High
School
,
GO
,
2018
A
,
5
%
,
7/01/37
....................................................
1,000,000
1,210,972
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group,
Revenue,
A,
4%,
1/01/41
...................
9,630,000
11,001,352
Banner
Health
Obligated
Group,
Revenue,
A,
5%,
1/01/41
...................
37,590,000
45,505,608
Christian
Care
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
1/01/36
......
3,860,000
4,327,377
Christian
Care
Obligated
Group,
Revenue,
2016
C,
Refunding,
5%,
1/01/40
......
9,740,000
10,883,306
Creighton
University,
Revenue,
2020,
5%,
7/01/47
.........................
13,000,000
16,146,721
Creighton
University,
Revenue,
2020,
4%,
7/01/50
.........................
1,695,000
1,954,964
GreatHearts
Arizona
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/37
.
1,000,000
1,175,401
GreatHearts
Arizona
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/52
.
1,000,000
1,156,338
Highland
Prep
Obligated
Group,
Revenue,
2019,
5%,
1/01/37
................
1,000,000
1,253,078
Highland
Prep
Obligated
Group,
Revenue,
2019,
5%,
1/01/50
................
1,715,000
2,092,815
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/37
.......
4,025,000
4,986,131
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/42
.......
4,000,000
4,917,805
HonorHealth
Obligated
Group,
Revenue,
2021
A,
3%,
9/01/51
................
1,600,000
1,661,223
HonorHealth
Obligated
Group,
Revenue,
2021
A,
4%,
9/01/51
................
3,275,000
3,779,667
Legacy
Traditional
School
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/49
........................................................
3,920,000
4,744,289
Reid
Traditional
Schools
Obligated
Group,
Revenue,
2016,
5%,
7/01/36
.........
1,120,000
1,275,711
Reid
Traditional
Schools
Obligated
Group,
Revenue,
2016,
5%,
7/01/47
.........
3,325,000
3,740,618
Maricopa
County
Pollution
Control
Corp.
,
El
Paso
Electric
Co.,
Revenue,
2009
B,
Refunding,
3.6%,
4/01/40
.............
13,500,000
14,910,881
El
Paso
Electric
Co.,
Revenue,
2012
A,
Refunding,
4.5%,
8/01/42
.............
10,000,000
10,189,129
a
Public
Service
Co.
of
New
Mexico,
Revenue,
2003
A,
Refunding,
Mandatory
Put,
1.05%,
6/01/22
..................................................
4,250,000
4,265,891
a
Public
Service
Co.
of
New
Mexico,
Revenue,
2010
A,
Refunding,
Mandatory
Put,
0.875%,
10/01/26
................................................
6,650,000
6,630,714
Southern
California
Edison
Co.,
Revenue,
2000
A,
Refunding,
2.4%,
6/01/35
.....
5,000,000
5,110,326
Maricopa
County
School
District
No.
83-Cartwright
Elementary
,
GO
,
2011
A
,
AGMC
Insured
,
5.375
%
,
7/01/30
............................................
5,415,000
5,437,565
Maricopa
County
Unified
School
District
No.
11-Peoria
,
GO,
2013,
5%,
7/01/31
.............................................
5,100,000
5,461,385
GO,
2018,
BAM
Insured,
5%,
7/01/33
...................................
1,000,000
1,213,151
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Maricopa
County
Unified
School
District
No.
48
Scottsdale
,
GO,
2021
D,
3%,
7/01/35
............................................
$
5,625,000
$
6,333,312
GO,
2021
D,
3%,
7/01/37
............................................
1,350,000
1,513,313
Maricopa
County
Unified
School
District
No.
69
Paradise
Valley
,
GO
,
2021
E
,
3
%
,
7/01/38
.........................................................
700,000
783,226
Maricopa
County
Unified
School
District
No.
95
Queen
Creek
,
GO,
2018,
5%,
7/01/33
.............................................
500,000
581,915
GO,
2018,
5%,
7/01/37
.............................................
1,200,000
1,387,325
McAllister
Academic
Village
LLC
,
Arizona
State
University,
Revenue,
2016
A,
Refunding,
5%,
7/01/33
............
2,000,000
2,369,465
Arizona
State
University,
Revenue,
2016
A,
Refunding,
5%,
7/01/38
............
2,000,000
2,367,451
Arizona
State
University,
Revenue,
2016
A,
Refunding,
5%,
7/01/39
............
1,000,000
1,182,392
Mohave
County
Union
High
School
District
No.
2
Colorado
River
,
GO
,
2017
,
5
%
,
7/01/35
.........................................................
1,000,000
1,202,422
Northern
Arizona
University
,
Revenue,
2013,
5%,
8/01/26
.........................................
2,380,000
2,539,970
Revenue,
2014,
Pre-Refunded,
5%,
6/01/40
..............................
2,820,000
3,140,794
Revenue,
2014,
5%,
6/01/40
.........................................
4,545,000
4,996,273
Revenue,
2014,
Pre-Refunded,
5%,
6/01/44
..............................
8,005,000
8,926,244
Revenue,
2020
B,
Refunding,
BAM
Insured,
5%,
6/01/38
....................
4,000,000
5,106,814
Revenue,
2020
B,
Refunding,
BAM
Insured,
5%,
6/01/39
....................
1,355,000
1,729,064
Pima
County
Unified
School
District
No.
20
Vail
,
GO
,
2016
,
Refunding
,
BAM
Insured
,
5
%
,
7/01/36
......................................................
3,305,000
3,879,220
Pima
County
Unified
School
District
No.
30
Sahuarita
,
GO,
2017,
BAM
Insured,
5%,
7/01/33
...................................
2,665,000
3,212,182
GO,
2017,
BAM
Insured,
5%,
7/01/34
...................................
2,800,000
3,370,499
Pima
County
Unified
School
District
No.
6
Marana
,
GO,
2017
C,
BAM
Insured,
5%,
7/01/36
.................................
2,385,000
2,878,170
GO,
2018
D,
AGMC
Insured,
5%,
7/01/38
................................
2,500,000
3,008,752
Pinal
County
Community
College
District
,
Revenue
,
2017
,
BAM
Insured
,
5
%
,
7/01/34
1,065,000
1,245,876
Pinal
County
Electric
District
No.
3
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/35
.......
1,195,000
1,396,791
Salt
River
Project
Agricultural
Improvement
&
Power
District
,
Revenue,
2012
A,
Refunding,
5%,
12/01/30
..............................
4,500,000
4,608,494
Revenue,
2016
A,
Refunding,
5%,
1/01/38
...............................
9,745,000
11,662,127
Revenue,
2017
A,
Refunding,
5%,
1/01/37
...............................
10,000,000
12,325,670
Revenue,
2017
A,
Refunding,
5%,
1/01/38
...............................
3,310,000
4,081,049
Revenue,
2017
A,
Refunding,
5%,
1/01/39
...............................
5,605,000
6,904,337
Revenue,
2019
A,
5%,
1/01/47
........................................
5,000,000
6,348,129
Salt
Verde
Financial
Corp.
,
Revenue,
2007-1,
5%,
12/01/32
.......................................
10,000,000
13,222,396
Revenue,
2007-1,
5%,
12/01/37
.......................................
5,000,000
7,017,586
Student
&
Academic
Services
LLC
,
Revenue,
2014,
BAM
Insured,
5%,
6/01/33
..............................
1,000,000
1,101,118
Revenue,
2014,
BAM
Insured,
5%,
6/01/39
..............................
1,400,000
1,533,903
Revenue,
2014,
BAM
Insured,
5%,
6/01/44
..............................
3,155,000
3,443,673
Town
of
Gilbert
,
Revenue,
Sub.
Lien
,
2015
,
5
%
,
7/01/45
......................
10,000,000
11,407,589
Town
of
Queen
Creek
,
Excise
Tax,
Revenue,
2018
A,
5%,
8/01/42
...............................
2,500,000
3,074,021
Excise
Tax,
Revenue,
2018
A,
5%,
8/01/47
...............................
5,000,000
6,105,207
Excise
Tax,
Revenue,
2020,
4%,
8/01/45
................................
5,710,000
6,779,500
Excise
Tax,
Revenue,
2020,
4%,
8/01/50
................................
8,740,000
10,283,627
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
10
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
University
Medical
Center
Corp.
,
Banner-University
Medical
Center
Tucson
Campus
LLC
,
Revenue
,
2013
,
Pre-Refunded
,
5.625
%
,
7/01/36
......................
$
5,000,000
$
5,421,706
University
of
Arizona
(The)
,
Revenue,
2013,
Pre-Refunded,
5%,
8/01/38
..............................
4,360,000
4,701,542
Revenue,
2013,
5%,
8/01/38
.........................................
5,790,000
6,187,923
Revenue,
2016,
Refunding,
5%,
6/01/39
.................................
2,750,000
3,245,323
Revenue,
2018
A,
5%,
6/01/43
........................................
5,000,000
6,108,431
Revenue,
2019
A,
5%,
6/01/42
........................................
2,000,000
2,505,690
Revenue,
2020
A,
Refunding,
4%,
8/01/44
...............................
11,245,000
13,265,365
993,408,638
Wisconsin
0.7%
b
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
.................................
6,800,000
6,800,000
U.S.
Territories
3.0%
Guam
1.2%
Guam
Power
Authority
,
Revenue,
2014
A,
AGMC
Insured,
5%,
10/01/39
...........................
6,490,000
7,137,215
Revenue,
2014
A,
AGMC
Insured,
5%,
10/01/44
...........................
5,325,000
5,834,023
12,971,238
Puerto
Rico
1.8%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
3,700,000
4,012,532
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
750,000
809,605
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.5%,
7/01/29
.................
770,000
861,495
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/32
...................
1,970,000
2,183,842
Revenue,
CC,
Refunding,
AGMC
Insured,
5.5%,
7/01/31
....................
2,790,000
3,139,538
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
5,050,000
5,487,159
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
2,290,000
2,497,018
18,991,189
Total
U.S.
Territories
....................................................................
31,962,427
Total
Municipal
Bonds
(Cost
$958,955,405)
.....................................
1,032,171,065
a
a
a
a
Short
Term
Investments
0.4%
Municipal
Bonds
0.4%
Arizona
0.4%
c
Arizona
Industrial
Development
Authority
,
Phoenix
Children's
Hospital
,
Revenue
,
2019
A
,
Refunding
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.04
%
,
2/01/48
4,000,000
4,000,000
Total
Municipal
Bonds
(Cost
$4,000,000)
.......................................
4,000,000
Total
Short
Term
Investments
(Cost
$4,000,000
)
.................................
4,000,000
a
Total
Investments
(Cost
$962,955,405)
99.3%
...................................
$1,036,171,065
Other
Assets,
less
Liabilities
0.7%
.............................................
7,874,304
Net
Assets
100.0%
...........................................................
$1,044,045,369
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
11
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
value
of
this
security
was
$6,800,000,
representing
0.7%
of
net
assets.
c
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
Colorado
Tax-Free
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.3%
Colorado
93.3%
Adams
&
Weld
Counties
School
District
No.
27J
Brighton
,
GO
,
2015
,
5
%
,
12/01/40
..
$
7,500,000
$
8,696,967
Adams
12
Five
Star
Schools
,
GO
,
2016
B
,
Refunding
,
5
%
,
12/15/36
.............
5,000,000
5,979,238
Adams
State
University
,
Revenue,
2012,
Pre-Refunded,
5%,
5/15/37
..............................
370,000
377,480
Revenue,
2012,
5%,
5/15/37
.........................................
630,000
642,702
Revenue,
2019
A,
Refunding,
4%,
5/15/42
...............................
1,515,000
1,755,493
Anthem
West
Metropolitan
District
,
GO
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/35
3,000,000
3,490,340
Arapahoe
County
School
District
No.
1
Englewood
,
GO
,
2017
,
5
%
,
12/01/42
.......
7,000,000
8,287,502
Arapahoe
County
School
District
No.
6
Littleton
,
GO
,
2019
A
,
5.5
%
,
12/01/43
......
12,980,000
16,911,233
Arapahoe
County
Water
&
Wastewater
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
12/01/37
........................................................
1,000,000
1,205,072
Auraria
Higher
Education
Center
,
Revenue
,
2013
A
,
AGMC
Insured
,
5
%
,
4/01/34
...
6,150,000
6,504,731
Board
of
Governors
of
Colorado
State
University
System
,
Revenue,
2013
A,
Refunding,
5%,
3/01/43
...............................
5,000,000
7,253,006
Revenue,
2013
C,
Pre-Refunded,
5%,
3/01/44
............................
2,675,000
2,833,093
Revenue,
2013
C,
Pre-Refunded,
5%,
3/01/44
............................
2,460,000
2,606,983
Revenue,
2015
A,
Pre-Refunded,
5%,
3/01/40
............................
3,990,000
4,567,632
Revenue,
2015
A,
5%,
3/01/40
........................................
3,010,000
3,397,113
Revenue,
2016
B,
Pre-Refunded,
5%,
3/01/41
............................
1,000,000
1,221,771
Revenue,
2017
E,
Refunding,
4%,
3/01/43
...............................
4,500,000
5,134,813
Revenue,
2019
A,
Refunding,
5%,
3/01/49
...............................
4,000,000
5,009,277
Revenue,
A,
Refunding,
4%,
3/01/40
...................................
5,000,000
5,707,402
Board
of
Water
Commissioners
City
&
County
of
Denver
(The)
,
Revenue
,
2017
A
,
5
%
,
9/15/47
.........................................................
10,000,000
12,110,634
Boulder
Valley
School
District
No.
Re-2
Boulder
,
GO
,
2015
,
5
%
,
12/01/41
.........
5,000,000
5,676,228
a
Broomfield
Village
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-1
,
Refunding
,
5
%
,
12/01/49
........................................................
1,440,000
1,580,867
Castle
Oaks
Metropolitan
District
No.
3
,
GO
,
2020
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/50
........................................................
1,150,000
1,341,619
Centennial
Water
&
Sanitation
District
,
Revenue,
2019,
5%,
12/01/43
........................................
3,000,000
3,716,011
Revenue,
2019,
5.25%,
12/01/48
......................................
6,760,000
8,431,332
Central
Weld
County
Water
District
,
Revenue
,
2020
,
AGMC
Insured
,
4
%
,
12/01/40
..
1,000,000
1,198,803
Cherokee
Metropolitan
District
,
Revenue
,
2020
,
BAM
Insured
,
4
%
,
8/01/50
........
2,000,000
2,362,028
City
&
County
of
Denver
,
Revenue,
2016
A,
Refunding,
4%,
8/01/46
...............................
3,500,000
3,871,114
Revenue,
2018
A-1,
5%,
8/01/48
......................................
5,000,000
5,797,725
Revenue,
2021
A,
4%,
8/01/33
........................................
1,250,000
1,544,260
Revenue,
2021
A,
4%,
8/01/34
........................................
1,000,000
1,232,683
Airport
System,
Revenue,
2013
B,
5%,
11/15/43
...........................
5,000,000
5,423,363
Airport
System,
Revenue,
2018
B,
Refunding,
5%,
12/01/43
..................
5,000,000
6,193,350
Airport
System,
Revenue,
2018
B,
Refunding,
5%,
12/01/48
..................
4,440,000
5,464,303
Airport
System,
Revenue,
2019
C,
Refunding,
5%,
11/15/35
..................
3,000,000
3,825,290
City
of
Aurora
,
Water,
Revenue,
First
Lien,
2016,
Pre-Refunded,
5%,
8/01/41
................
3,000,000
3,610,875
Water,
Revenue,
First
Lien,
2016,
Pre-Refunded,
5%,
8/01/46
................
5,000,000
6,018,124
City
of
Colorado
Springs
,
Utilities
System,
Revenue,
2013
B-1,
5%,
11/15/38
.........................
4,000,000
4,332,163
Utilities
System,
Revenue,
2014
A-2,
5%,
11/15/44
.........................
5,000,000
5,578,192
Utilities
System,
Revenue,
2015
A,
Refunding,
5%,
11/15/40
.................
3,000,000
3,472,941
Utilities
System,
Revenue,
2015
A,
Refunding,
5%,
11/15/45
.................
2,665,000
3,067,195
Utilities
System,
Revenue,
2017
A-2,
Refunding,
5%,
11/15/47
................
6,000,000
7,228,931
Utilities
System,
Revenue,
2018
A-4,
5%,
11/15/48
.........................
5,000,000
6,146,507
Utilities
System,
Revenue,
2020
C,
5%,
11/15/50
..........................
3,000,000
3,847,626
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
City
of
Commerce
City
,
Revenue
,
2016
,
AGMC
Insured
,
5
%
,
8/01/41
.............
$
4,000,000
$
4,687,488
City
of
Fort
Collins
,
Electric
Utility
Enterprise
,
Revenue
,
2018
A
,
5
%
,
12/01/42
......
13,500,000
16,572,917
City
of
Grand
Junction
,
COP,
2021,
4%,
12/01/40
............................................
1,500,000
1,798,204
COP,
2021,
4%,
12/01/45
............................................
1,000,000
1,184,829
Revenue,
2020
B,
4%,
3/01/45
........................................
1,500,000
1,768,344
Revenue,
2020
B,
4%,
3/01/49
........................................
1,240,000
1,455,782
Colorado
Educational
&
Cultural
Facilities
Authority
,
Alexander
Dawson
School
LLC
(The),
Revenue,
2010,
5%,
2/15/40
............
5,280,000
5,299,102
Aspen
View
Academy,
Inc.,
Revenue,
2021,
4%,
5/01/36
....................
425,000
478,252
Aspen
View
Academy,
Inc.,
Revenue,
2021,
4%,
5/01/41
....................
150,000
167,209
Aspen
View
Academy,
Inc.,
Revenue,
2021,
4%,
5/01/51
....................
370,000
408,352
Aspen
View
Academy,
Inc.,
Revenue,
2021,
4%,
5/01/61
....................
550,000
601,853
Denver
School
of
Science
&
Technology,
Inc.,
Revenue,
2021,
3%,
8/01/41
......
1,460,000
1,554,906
Denver
School
of
Science
&
Technology,
Inc.,
Revenue,
2021,
3%,
8/01/51
......
3,635,000
3,805,090
Lighthouse
Building
Corp.,
Revenue,
2021,
4%,
10/01/46
....................
345,000
368,619
Lighthouse
Building
Corp.,
Revenue,
2021,
4%,
10/01/56
....................
1,000,000
1,058,338
Lighthouse
Building
Corp.,
Revenue,
2021,
4%,
10/01/61
....................
2,210,000
2,323,565
Pinnacle
Charter
School,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
12/01/50
.......
5,820,000
6,748,146
Union
Colony
Schools,
Revenue,
2018,
Refunding,
5%,
4/01/48
...............
715,000
844,591
University
of
Denver,
Revenue,
2017,
5%,
3/01/47
.........................
3,950,000
4,741,883
West
Ridge
Academy
Charter
School,
Revenue,
2019
A,
Refunding,
5%,
6/01/49
..
400,000
429,628
Westgate
Community
School,
Revenue,
2021
A,
Refunding,
4%,
7/01/41
........
2,370,000
2,768,387
Windsor
Charter
Academy
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
9/01/50
2,400,000
2,737,880
Colorado
Health
Facilities
Authority
,
AdventHealth
Obligated
Group,
Revenue,
2016
A,
Refunding,
4%,
11/15/41
......
3,000,000
3,345,501
AdventHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
11/15/37
......
5,000,000
6,409,696
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/35
.......................................................
1,575,000
1,844,185
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/37
.......................................................
850,000
991,261
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/38
.......................................................
705,000
820,654
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/39
.......................................................
835,000
969,995
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/40
.......................................................
725,000
840,750
BSLC
Obligated
Group,
Revenue,
2018
A-1,
Refunding,
5%,
9/15/48
...........
3,000,000
3,455,239
BSLC
Obligated
Group,
Revenue,
2018
A-1,
Refunding,
4.75%,
9/15/53
.........
1,500,000
1,679,576
Children's
Hospital
Colorado
Obligated
Group,
Revenue,
2016
A,
5%,
12/01/44
...
5,000,000
5,841,226
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/37
3,000,000
3,746,947
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/39
2,000,000
2,489,574
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/44
7,000,000
8,604,994
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
4%,
8/01/49
5,000,000
5,700,755
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2013
A,
Pre-
Refunded,
5.75%,
12/01/36
.........................................
5,000,000
5,544,939
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
12/01/35
...........................................
7,150,000
8,017,148
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2018
A,
5%,
12/01/48
.......................................................
5,000,000
5,825,818
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/50
...........................................
5,700,000
6,503,534
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2012,
Pre-
Refunded,
5%,
12/01/33
...........................................
2,500,000
2,560,274
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2013,
Pre-
Refunded,
5.5%,
6/01/33
..........................................
1,000,000
1,078,797
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Colorado
Health
Facilities
Authority,
(continued)
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2013,
Pre-
Refunded,
5.625%,
6/01/43
.........................................
$
4,000,000
$
4,322,656
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2015
A,
Pre-
Refunded,
5%,
6/01/40
............................................
4,000,000
4,633,668
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2015
A,
Pre-
Refunded,
5%,
6/01/45
............................................
2,750,000
3,185,647
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2017,
Pre-
Refunded,
5%,
6/01/47
............................................
6,000,000
7,326,907
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2016,
5%,
9/01/46
.....
5,000,000
5,747,724
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/50
...
6,275,000
7,282,855
Sanford
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
11/01/39
..........
1,000,000
1,174,158
Sanford
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
11/01/44
..........
10,455,000
12,994,860
Sisters
of
Charity
of
Leavenworth
Health
System,
Inc.
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
1/01/38
.....................................
3,660,000
4,315,133
Valley
View
Hospital
Association,
Revenue,
2015,
5%,
5/15/40
................
2,000,000
2,266,770
Valley
View
Hospital
Association,
Revenue,
2015,
5%,
5/15/45
................
1,000,000
1,129,749
Colorado
High
Performance
Transportation
Enterprise
,
Revenue
,
2017
,
5
%
,
12/31/47
2,555,000
2,888,141
Colorado
Housing
and
Finance
Authority
,
Revenue,
2019
B-1,
I,
3.15%,
10/01/44
.................................
1,000,000
1,067,722
Revenue,
2019
B-1,
I,
3.25%,
10/01/49
.................................
1,000,000
1,066,177
Colorado
Mesa
University
,
Revenue,
2016,
5%,
5/15/45
.........................................
4,000,000
4,670,586
Revenue,
2019
B,
5%,
5/15/44
........................................
1,000,000
1,243,903
Revenue,
2019
B,
5%,
5/15/49
........................................
1,565,000
1,937,812
Colorado
School
of
Mines
,
Revenue,
2012
B,
5%,
12/01/32
.......................................
110,000
114,843
Revenue,
2017
A,
5%,
12/01/42
.......................................
2,450,000
3,007,660
Revenue,
2017
A,
5%,
12/01/47
.......................................
3,000,000
3,674,979
Colorado
Water
Resources
&
Power
Development
Authority
,
Revenue
,
2013
A
,
Pre-
Refunded
,
AGMC
Insured
,
5
%
,
9/01/38
.................................
1,210,000
1,252,767
Commerce
City
,
Northern
Infrastructure
General
Improvement
District
,
GO
,
2013
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/31
................................
2,040,000
2,133,799
Crystal
Valley
Metropolitan
District
No.
2
,
GO
,
2020
A
,
Refunding
,
AGMC
Insured
,
3
%
,
12/01/49
........................................................
3,000,000
3,188,173
Denver
City
&
County
School
District
No.
1
,
COP,
2013
C,
5%,
12/15/30
..........................................
4,000,000
4,353,272
COP,
2020
A,
5%,
12/01/42
..........................................
2,000,000
2,571,326
GO,
2017,
5%,
12/01/41
.............................................
12,440,000
14,807,964
GO,
2021,
4%,
12/01/45
.............................................
5,000,000
5,993,102
Denver
Convention
Center
Hotel
Authority
,
Revenue,
Senior
Lien
,
2016
,
Refunding
,
5
%
,
12/01/40
.....................................................
9,775,000
11,184,571
Denver
Health
&
Hospital
Authority
,
COP,
2018,
5%,
12/01/48
............................................
5,255,000
6,316,520
Revenue,
2014
A,
5.25%,
12/01/45
....................................
9,250,000
9,915,053
Revenue,
2019
A,
Refunding,
5%,
12/01/30
..............................
1,000,000
1,272,107
Revenue,
2019
A,
Refunding,
5%,
12/01/31
..............................
1,400,000
1,773,230
Revenue,
2019
A,
Refunding,
5%,
12/01/33
..............................
3,300,000
4,165,732
Denver
International
Business
Center
Metropolitan
District
No.
1
,
GO
,
2019
A
,
4
%
,
12/01/48
........................................................
350,000
361,319
Eagle
River
Water
and
Sanitation
District
,
GO,
2016,
5%,
12/01/45
.............................................
1,360,000
1,587,121
Revenue,
2012,
Pre-Refunded,
5%,
12/01/42
.............................
3,500,000
3,665,398
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
East
Cherry
Creek
Valley
Water
and
Sanitation
District
,
Revenue
,
2019
A
,
4
%
,
11/15/38
$
1,000,000
$
1,185,362
El
Paso
County
School
District
No.
49
Falcon
,
COP
,
2021
,
4
%
,
12/15/46
..........
5,000,000
5,870,629
Erie
Farm
Metropolitan
District
,
GO,
2021,
Refunding,
AGMC
Insured,
5%,
12/01/41
........................
575,000
731,937
GO,
2021,
Refunding,
AGMC
Insured,
5%,
12/01/46
........................
700,000
881,728
GO,
2021,
Refunding,
AGMC
Insured,
4%,
12/01/51
........................
1,200,000
1,385,562
Flying
Horse
Metropolitan
District
No.
2
,
GO,
2020
A,
Refunding,
AGMC
Insured,
4%,
12/01/44
......................
520,000
612,967
GO,
2020
A,
Refunding,
AGMC
Insured,
4%,
12/01/50
......................
875,000
1,027,099
Larimer
County
School
District
No.
R-1
Poudre
,
GO
,
2018
,
5
%
,
12/15/40
..........
5,000,000
6,271,811
Little
Thompson
Water
District
,
Revenue
,
2020
,
4
%
,
12/01/50
..................
1,200,000
1,422,768
Metropolitan
State
University
of
Denver
,
Revenue
,
2016
,
5
%
,
12/01/45
...........
4,000,000
4,622,202
Morgan
County
Quality
Water
District
,
Revenue
,
2020
,
AGMC
Insured
,
4
%
,
12/01/50
1,200,000
1,397,800
Park
70
Metropolitan
District
,
GO,
2016,
Refunding,
5%,
12/01/36
....................................
1,000,000
1,150,095
GO,
2016,
Refunding,
5%,
12/01/46
....................................
1,500,000
1,703,317
Park
Creek
Metropolitan
District
,
Revenue,
2017
A,
5%,
12/01/41
.......................................
3,000,000
3,400,412
Revenue,
2017
A,
5%,
12/01/46
.......................................
2,500,000
2,820,205
Revenue,
Senior
Lien,
2015
A,
Refunding,
5%,
12/01/45
....................
7,000,000
7,887,897
Revenue,
Senior
Lien,
2018
A,
5%,
12/01/46
.............................
2,875,000
3,469,647
Parker
Water
&
Sanitation
District
,
Revenue
,
2018
,
5
%
,
11/01/42
................
6,475,000
7,945,580
Patriot
Park
Metropolitan
District
No.
2
,
GO
,
2021
,
4.3
%
,
12/01/50
...............
550,000
570,428
b
Prairiestar
Metropolitan
District
No.
2
,
GO,
2021
A,
Refunding,
BAM
Insured,
5%,
12/01/36
.......................
500,000
638,554
GO,
2021
A,
Refunding,
BAM
Insured,
5%,
12/01/41
.......................
500,000
631,024
GO,
2021
A,
Refunding,
BAM
Insured,
5%,
12/01/46
.......................
500,000
622,921
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
9,900,000
15,386,226
Pueblo
City
Schools
,
GO
,
2020
,
5
%
,
12/15/38
..............................
3,000,000
3,839,929
Regional
Transportation
District
,
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
1/15/33
........
550,000
661,773
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
7/15/35
........
1,000,000
1,199,537
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
7/15/36
........
750,000
891,500
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
7/15/38
........
700,000
827,882
Sales
Tax,
Revenue,
2016
A,
5%,
11/01/41
...............................
10,000,000
11,777,728
Sales
Tax,
Revenue,
2016
A,
5%,
11/01/46
...............................
11,000,000
12,858,217
Sales
Tax,
Revenue,
2021
B,
Refunding,
5%,
11/01/29
......................
5,000,000
6,487,676
Roaring
Fork
Transportation
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
12/01/44
....
1,000,000
1,172,504
Sand
Creek
Metropolitan
District
,
GO
,
2020
B
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/40
........................................................
2,665,000
3,172,694
Silver
Peaks
Metropolitan
District
No.
3
,
GO,
Senior
Lien
,
2020
A
,
5
%
,
12/01/50
....
500,000
540,305
South
Timnath
Metropolitan
District
No.
2
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/42
.....
5,690,000
6,538,463
State
of
Colorado
,
COP,
2013
I,
Pre-Refunded,
5%,
3/15/36
................................
3,000,000
3,321,330
COP,
2017
J,
5.25%,
3/15/42
.........................................
5,000,000
6,025,197
COP,
2019
O,
4%,
3/15/44
...........................................
5,000,000
5,790,328
COP,
2020,
Refunding,
4%,
6/15/39
....................................
1,000,000
1,191,311
COP,
2020,
Refunding,
4%,
6/15/40
....................................
1,315,000
1,563,922
COP,
2020,
Refunding,
4%,
6/15/41
....................................
1,275,000
1,512,908
COP,
2020
A,
4%,
12/15/39
..........................................
2,750,000
3,304,766
University
of
Colorado,
COP,
2013
A,
Pre-Refunded,
5%,
11/01/29
.............
3,105,000
3,385,404
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Sterling
Hills
West
Metropolitan
District
,
GO
,
2017
,
Refunding
,
5
%
,
12/01/39
.......
$
1,125,000
$
1,336,252
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2,
Revenue,
2020
A,
Refunding,
3.75%,
12/01/40
.................................................
500,000
546,954
Sterling
Ranch
Colorado
Metropolitan
District
No.
2,
Revenue,
2020
A,
Refunding,
4.25%,
12/01/50
.................................................
1,250,000
1,386,249
Thompson
Crossing
Metropolitan
District
No.
2
,
GO
,
2016
B
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/46
..............................................
4,500,000
5,246,786
Town
of
Castle
Rock
,
Sales
&
Use
Tax,
Revenue,
2013,
Pre-Refunded,
5%,
6/01/31
................
1,800,000
1,928,389
Sales
&
Use
Tax,
Revenue,
2013,
Pre-Refunded,
5%,
6/01/32
................
1,845,000
1,976,599
Sales
&
Use
Tax,
Revenue,
2013,
Pre-Refunded,
5%,
6/01/35
................
2,775,000
2,972,934
Town
of
Firestone
,
Water
Enterprise
,
Revenue
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
12/01/49
........................................................
1,400,000
1,645,024
Town
of
Monument
,
COP,
2020,
AGMC
Insured,
4%,
12/01/40
...............................
1,000,000
1,146,376
COP,
2020,
AGMC
Insured,
4%,
12/01/45
...............................
1,000,000
1,135,663
University
of
Colorado
,
Revenue,
2015
A,
Pre-Refunded,
5%,
6/01/38
............................
5,655,000
6,550,848
Revenue,
2018
B,
Pre-Refunded,
5%,
6/01/48
............................
5,000,000
6,299,395
Revenue,
2019
B,
5%,
6/01/44
........................................
1,930,000
2,411,147
Revenue,
2019
B,
Pre-Refunded,
5%,
6/01/44
............................
1,455,000
1,867,963
Revenue,
2019
B,
Pre-Refunded,
5%,
6/01/49
............................
3,295,000
4,243,908
Upper
Eagle
Regional
Water
Authority
,
Revenue
,
2020
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/50
........................................................
2,500,000
2,980,144
Vauxmont
Metropolitan
District
,
GO,
2019,
Refunding,
AGMC
Insured,
5%,
12/15/27
........................
380,000
437,935
GO,
2019,
Refunding,
AGMC
Insured,
5%,
12/15/32
........................
480,000
549,925
Weld
County
School
District
No.
6
Greeley
,
GO
,
2020
,
5
%
,
12/01/40
.............
8,750,000
11,203,891
Weld
County
School
District
No.
RE-4
,
GO
,
2016
,
5.25
%
,
12/01/41
..............
5,000,000
6,050,359
Weld
County
School
District
No.
Re-5J
,
GO
,
2021
,
4
%
,
12/01/45
................
5,000,000
5,993,101
Winter
Farm
Metropolitan
District
No.
2
,
GO,
2019,
Refunding,
AGMC
Insured,
5%,
12/01/39
........................
630,000
771,442
GO,
2019,
Refunding,
AGMC
Insured,
5%,
12/01/44
........................
500,000
606,838
Woodmoor
Water
&
Sanitation
District
No.
1
,
Revenue
,
2011
,
Refunding
,
5
%
,
12/01/36
5,000,000
5,000,000
713,309,311
Florida
0.5%
Capital
Trust
Agency,
Inc.
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
................
4,104,000
4,113,357
Illinois
1.0%
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
3,000,000
3,509,832
GO,
2019
B,
4%,
11/01/33
...........................................
1,250,000
1,447,341
GO,
2021
A,
5%,
3/01/31
............................................
650,000
835,580
GO,
2021
A,
5%,
3/01/32
............................................
500,000
640,589
GO,
2021
A,
4%,
3/01/39
............................................
500,000
583,571
GO,
2021
A,
4%,
3/01/41
............................................
560,000
650,522
7,667,435
New
York
0.8%
Metropolitan
Transportation
Authority
,
Revenue,
2021
A-1,
4%,
11/15/46
.....................................
900,000
1,030,429
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
17
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Metropolitan
Transportation
Authority,
(continued)
Revenue,
2021
A-2,
4%,
11/15/43
.....................................
$
4,100,000
$
4,720,743
5,751,172
Wisconsin
0.7%
a
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
.................................
5,000,000
5,000,000
U.S.
Territories
1.0%
Guam
0.2%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
1,500,000
1,838,588
Puerto
Rico
0.8%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,200,000
1,301,361
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/34
....................
1,000,000
1,089,043
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
CC,
Refunding,
AGMC
Insured,
5.5%,
7/01/31
....................
1,670,000
1,879,222
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
1,485,000
1,619,245
5,888,871
Total
U.S.
Territories
....................................................................
7,727,459
Total
Municipal
Bonds
(Cost
$688,628,173)
.....................................
743,568,734
a
a
a
a
Short
Term
Investments
2.3%
Municipal
Bonds
2.3%
Colorado
2.3%
c
City
&
County
of
Denver
,
COP,
2008
A-1,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.04%,
12/01/29
.................................................
6,075,000
6,075,000
COP,
2008
A-2,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.04%,
12/01/29
.................................................
7,600,000
7,600,000
COP,
2008
A-3,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.04%,
12/01/31
.................................................
700,000
700,000
c
Colorado
Educational
&
Cultural
Facilities
Authority
,
Daughters
of
Israel,
Inc.
,
Revenue
,
B-4
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.04
%
,
12/01/35
................
3,200,000
3,200,000
17,575,000
Total
Municipal
Bonds
(Cost
$17,575,000)
......................................
17,575,000
Total
Short
Term
Investments
(Cost
$17,575,000
)
................................
17,575,000
a
Total
Investments
(Cost
$706,203,173)
99.6%
...................................
$761,143,734
Other
Assets,
less
Liabilities
0.4%
.............................................
3,261,496
Net
Assets
100.0%
...........................................................
$764,405,230
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
18
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
aggregate
value
of
these
securities
was
$6,580,867,
representing
0.9%
of
net
assets.
b
Security
purchased
on
a
when-issued
basis.
c
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
Connecticut
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
99.5%
Connecticut
95.3%
City
of
Ansonia
,
GO,
2021
A,
AGMC
Insured,
4%,
2/15/31
................................
$
170,000
$
209,160
GO,
2021
A,
AGMC
Insured,
4%,
2/15/33
................................
100,000
122,102
GO,
2021
A,
AGMC
Insured,
4%,
2/15/34
................................
100,000
121,874
GO,
2021
A,
AGMC
Insured,
3%,
2/15/37
................................
500,000
553,235
City
of
Bridgeport
,
GO,
2021
A,
4%,
8/01/40
............................................
765,000
903,475
GO,
2021
A,
4%,
8/01/46
............................................
375,000
436,071
GO,
2021
A,
4%,
8/01/51
............................................
575,000
665,030
City
of
New
Britain
,
GO
,
2017
C
,
AGMC
Insured
,
5
%
,
3/01/36
..................
1,000,000
1,189,178
City
of
New
Haven
,
GO,
2002
C,
NATL
Insured,
ETM,
5%,
11/01/22
...........................
25,000
25,100
GO,
2021
A,
Refunding,
4%,
8/01/40
...................................
2,000,000
2,283,050
City
of
Stamford
,
Water
Pollution
Control
System
&
Facility,
Revenue,
2013
A,
5.25%,
8/15/43
.....
1,000,000
1,079,083
Water
Pollution
Control
System
&
Facility,
Revenue,
2020
A,
4%,
11/15/45
.......
1,175,000
1,407,300
City
of
West
Haven
,
GO
,
2021
,
4
%
,
9/15/41
...............................
565,000
644,006
Connecticut
Housing
Finance
Authority
,
Revenue,
2019
E-E1,
3.05%,
11/15/44
..................................
5,000,000
5,267,541
Revenue,
2019
E-E1,
3.1%,
11/15/49
...................................
2,000,000
2,094,793
Revenue,
2020
C-1,
Refunding,
2.05%,
5/15/37
...........................
1,000,000
1,000,536
Revenue,
2020
C-2,
Refunding,
2.2%,
11/15/34
...........................
980,000
993,353
Connecticut
Municipal
Electric
Energy
Cooperative
,
Revenue
,
2013
A
,
5
%
,
1/01/38
..
3,000,000
3,139,127
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/34
345,000
415,960
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/35
310,000
373,146
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/36
480,000
576,605
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/37
600,000
719,134
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/38
315,000
376,865
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/39
380,000
453,722
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/42
860,000
1,020,218
Connecticut
College,
Revenue,
L-1,
Refunding,
4%,
7/01/46
..................
5,000,000
5,625,323
Connecticut
State
University
System,
Revenue,
N,
Pre-Refunded,
5%,
11/01/29
...
5,060,000
5,513,689
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2018
B,
5%,
12/01/40
.......................................................
4,000,000
4,714,588
Fairfield
University,
Revenue,
Q-1,
5%,
7/01/46
...........................
9,000,000
10,534,430
Hartford
HealthCare
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/46
..........
1,500,000
1,763,715
Jerome
Home,
Revenue,
2021
E,
Refunding,
4%,
7/01/41
...................
735,000
821,664
Jerome
Home,
Revenue,
2021
E,
Refunding,
4%,
7/01/51
...................
1,250,000
1,377,180
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/38
.....
1,000,000
1,158,540
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/41
.....
6,310,000
7,271,308
Quinnipiac
University,
Revenue,
L,
Refunding,
5%,
7/01/45
..................
8,250,000
9,225,643
Sacred
Heart
University,
Inc.,
Revenue,
I-1,
Refunding,
5%,
7/01/42
............
4,375,000
5,165,724
Sacred
Heart
University,
Inc.,
Revenue,
K,
4%,
7/01/45
.....................
1,200,000
1,378,271
Stamford
Hospital
Obligated
Group
(The),
Revenue,
J,
Refunding,
5%,
7/01/42
...
5,000,000
5,136,891
a
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
4%,
7/01/37
...
2,550,000
2,978,194
Taft
School
Corp.
(The),
Revenue,
L,
Refunding,
3%,
7/01/41
.................
2,430,000
2,636,975
Taft
School
Corp.
(The),
Revenue,
L,
Refunding,
3%,
7/01/46
.................
2,210,000
2,374,512
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2016,
5%,
12/01/41
............
5,000,000
5,891,727
Trustees
of
Trinity
College
(The),
Revenue,
R,
Refunding,
4%,
6/01/45
..........
2,500,000
2,938,271
Trustees
of
Trinity
College
(The),
Revenue,
S,
Refunding,
4%,
6/01/46
..........
2,000,000
2,389,511
Trustees
of
Trinity
College
(The),
Revenue,
S,
Refunding,
4%,
6/01/51
..........
2,000,000
2,376,175
Yale-New
Haven
Health
Obligated
Group,
Revenue,
N,
5%,
7/01/48
............
5,000,000
5,347,718
Connecticut
State
Higher
Education
Supplement
Loan
Authority
,
Revenue,
2020
B,
3.25%,
11/15/36
....................................
1,700,000
1,763,601
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
20
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Connecticut
(continued)
Connecticut
State
Higher
Education
Supplement
Loan
Authority,
(continued)
Revenue,
2020
D,
Refunding,
3%,
11/15/35
..............................
$
1,145,000
$
1,180,548
Revenue,
2021
B,
2.25%,
11/15/37
....................................
2,500,000
2,514,233
Hartford
County
Metropolitan
District
,
Clean
Water
Project
,
Revenue
,
2014
A
,
Pre-
Refunded
,
5
%
,
11/01/42
.............................................
5,000,000
5,665,450
South
Central
Connecticut
Regional
Water
Authority
,
Revenue,
A-Thirtieth,
Pre-Refunded,
5%,
8/01/39
..........................
1,500,000
1,685,621
Revenue,
A-Thirtieth,
Pre-Refunded,
5%,
8/01/44
..........................
1,615,000
1,814,851
Revenue,
Second
Series,
B-Thirty
Second,
Refunding,
5%,
8/01/38
............
1,720,000
2,037,952
State
of
Connecticut
,
GO,
2020
A,
4%,
1/15/36
............................................
5,000,000
5,959,619
GO,
2020
A,
4%,
1/15/38
............................................
2,250,000
2,671,483
GO,
2020
C,
4%,
6/01/39
............................................
600,000
715,878
GO,
2021
A,
3%,
1/15/37
............................................
1,450,000
1,608,263
Special
Tax,
2013,
5%,
10/01/30
......................................
5,000,000
5,414,436
Special
Tax,
2016
A,
5%,
9/01/33
......................................
1,000,000
1,192,734
Special
Tax,
2018
A,
5%,
1/01/36
......................................
1,000,000
1,228,620
Special
Tax,
2020
A,
5%,
5/01/37
......................................
500,000
642,733
Special
Tax,
2020
A,
4%,
5/01/39
......................................
1,000,000
1,191,346
Special
Tax,
2021
A,
4%,
5/01/40
......................................
1,100,000
1,326,985
Bradley
International
Airport
CFC,
Revenue,
2019
A,
5%,
7/01/49
..............
1,400,000
1,686,741
Clean
Water
Fund
-
State
Revolving
Fund,
Revenue,
2015
A,
5%,
3/01/34
.......
5,000,000
5,699,492
Clean
Water
Fund
-
State
Revolving
Fund,
Revenue,
2015
A,
5%,
3/01/35
.......
1,000,000
1,138,858
Clean
Water
Fund
-
State
Revolving
Fund,
Revenue,
2017
A,
5%,
5/01/37
.......
3,000,000
3,623,337
Clean
Water
Fund
-
State
Revolving
Fund,
Revenue,
2019
A,
4%,
2/01/37
.......
1,500,000
1,782,640
Town
of
Darien
,
GO
,
2020
A
,
Refunding
,
4
%
,
8/01/39
........................
350,000
407,848
Town
of
Hamden
,
GO
,
2021
,
Refunding
,
BAM
Insured
,
4
%
,
8/15/41
..............
500,000
585,492
Town
of
Stafford
,
GO,
2021,
Refunding,
3%,
2/01/36
.....................................
250,000
273,430
GO,
2021,
Refunding,
3%,
2/01/38
.....................................
310,000
337,706
GO,
2021,
Refunding,
3%,
2/01/41
.....................................
300,000
324,896
Town
of
Stratford
,
GO,
2017,
AGMC
Insured,
5%,
7/01/33
.................................
1,000,000
1,146,364
GO,
2020
A,
Refunding,
BAM
Insured,
5%,
7/01/31
........................
1,000,000
1,299,653
GO,
2020
A,
Refunding,
BAM
Insured,
4%,
7/01/36
........................
300,000
357,185
GO,
2020
A,
Refunding,
BAM
Insured,
4%,
7/01/38
........................
300,000
355,741
GO,
2020
A,
Refunding,
BAM
Insured,
4%,
7/01/40
........................
300,000
354,427
Town
of
Windham
,
GO
,
2020
,
Refunding
,
4
%
,
8/15/45
........................
2,000,000
2,358,424
University
of
Connecticut
,
Revenue,
2013
A,
5%,
8/15/28
........................................
6,590,000
7,052,948
Revenue,
2014
A,
5%,
2/15/31
........................................
2,000,000
2,189,863
Revenue,
2017
A,
5%,
1/15/37
........................................
1,000,000
1,190,172
Revenue,
2020
A,
5%,
2/15/39
........................................
1,000,000
1,269,705
Revenue,
2020
A,
5%,
2/15/40
........................................
1,000,000
1,267,678
Revenue,
2020
A,
5%,
2/15/41
........................................
995,000
1,257,764
187,264,430
Illinois
0.6%
State
of
Illinois
,
GO
,
2020
C
,
4
%
,
10/01/42
................................
1,000,000
1,152,392
New
Jersey
0.5%
New
Jersey
Economic
Development
Authority
,
Revenue,
2021
QQQ,
4%,
6/15/35
.....................................
300,000
351,723
Revenue,
2021
QQQ,
4%,
6/15/36
.....................................
100,000
116,867
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
21
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2020
AA,
3%,
6/15/50
.......................................
$
230,000
$
238,426
Revenue,
2021
A,
Refunding,
4%,
6/15/34
...............................
250,000
295,338
1,002,354
Texas
0.4%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/47
.................................
780,000
790,439
Wisconsin
0.7%
b
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
.................................
1,300,000
1,300,000
U.S.
Territories
2.0%
Puerto
Rico
2.0%
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/34
...................
2,010,000
2,180,649
Revenue,
CC,
Refunding,
AGMC
Insured,
5.5%,
7/01/31
....................
1,480,000
1,665,418
3,846,067
Total
U.S.
Territories
....................................................................
3,846,067
Total
Municipal
Bonds
(Cost
$185,141,492)
.....................................
195,355,682
a
a
a
a
a
Total
Investments
(Cost
$185,141,492)
99.5%
...................................
$195,355,682
Other
Assets,
less
Liabilities
0.5%
.............................................
1,050,128
Net
Assets
100.0%
...........................................................
$196,405,810
a
Security
purchased
on
a
when-issued
basis.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
value
of
this
security
was
$1,300,000,
representing
0.7%
of
net
assets.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
22
a
a
Shares
a
Value
a
Management
Investment
Companies
1.8%
Capital
Markets
1.8%
a
Franklin
Liberty
Federal
Tax-Free
Bond
ETF
...............................
2,515,000
$
68,257,100
Total
Management
Investment
Companies
(Cost
$68,628,312)
....................
68,257,100
Principal
Amount
a
a
a
a
Municipal
Bonds
98.6%
Alabama
2.1%
Alabama
Public
School
and
College
Authority
,
Revenue
,
2014
B
,
Refunding
,
5
%
,
1/01/27
.........................................................
$
25,000,000
27,926,575
b
Black
Belt
Energy
Gas
District
,
Revenue
,
2021
B
,
Mandatory
Put
,
4
%
,
12/01/26
....
20,000,000
22,840,950
Chatom
Industrial
Development
Board
,
PowerSouth
Energy
Cooperative,
Revenue,
2020,
Refunding,
AGMC
Insured,
5%,
8/01/28
........................................................
500,000
621,923
PowerSouth
Energy
Cooperative,
Revenue,
2020,
Refunding,
AGMC
Insured,
5%,
8/01/29
........................................................
485,000
615,839
PowerSouth
Energy
Cooperative,
Revenue,
2020,
Refunding,
AGMC
Insured,
5%,
8/01/30
........................................................
425,000
548,701
Health
Care
Authority
of
the
City
of
Huntsville
(The)
,
Health
Care
Authority
of
the
City
of
Huntsville
(The)
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
6/01/39
..............
2,250,000
2,647,342
Infirmary
Health
System
Special
Care
Facilities
Financing
Authority
of
Mobile
,
Infirmary
Health
System
Obligated
Group,
Revenue,
2016
A,
5%,
2/01/27
.......
4,920,000
5,753,846
Infirmary
Health
System
Obligated
Group,
Revenue,
2016
A,
5%,
2/01/28
.......
5,000,000
5,824,250
Madison
City
Board
of
Education
,
Special
Tax,
2019,
4%,
2/01/33
.......................................
2,855,000
3,425,362
Special
Tax,
2019,
4%,
2/01/34
.......................................
2,970,000
3,557,742
Special
Tax,
2019,
4%,
2/01/35
.......................................
3,095,000
3,700,715
Special
Tax,
2019,
4%,
2/01/37
.......................................
3,350,000
3,974,771
81,438,016
Alaska
0.1%
Alaska
Municipal
Bond
Bank
Authority
,
Revenue,
2020,
Refunding,
4%,
12/01/35
................................
1,710,000
2,045,959
Revenue,
2020,
Refunding,
4%,
12/01/37
................................
1,305,000
1,555,319
3,601,278
Arizona
3.0%
Arizona
Department
of
Transportation
,
State
Highway
Fund
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/29
.............................................
10,920,000
12,156,467
Arizona
Health
Facilities
Authority
,
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2012
A
,
Refunding
,
5
%
,
2/01/27
...............................
6,000,000
6,047,351
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/29
.......................................................
1,100,000
1,365,898
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/30
.......................................................
600,000
744,247
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/31
.......................................................
630,000
779,758
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/32
.......................................................
1,000,000
1,234,108
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/35
.......................................................
1,115,000
1,366,212
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/36
.......................................................
1,250,000
1,527,817
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/37
.......................................................
1,050,000
1,281,800
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/37
.......................................................
1,105,000
1,293,194
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
23
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Arizona
Industrial
Development
Authority,
(continued)
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/38
.......................................................
$
600,000
$
700,886
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
5%,
7/01/27
............
160,000
183,842
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
5%,
7/01/28
............
170,000
194,417
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
5%,
7/01/29
............
160,000
182,170
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
5%,
7/01/30
............
185,000
209,854
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
5%,
7/01/31
............
195,000
220,315
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
5%,
7/01/27
..........
55,000
64,585
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
5%,
7/01/28
..........
60,000
71,638
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
5%,
7/01/29
..........
60,000
72,733
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
5%,
7/01/30
..........
65,000
79,835
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
5%,
7/01/31
..........
70,000
87,338
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020
A,
5%,
2/01/35
.....
500,000
643,393
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020
A,
5%,
2/01/36
.....
750,000
963,448
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020
A,
5%,
2/01/37
.....
600,000
768,601
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020
A,
5%,
2/01/38
.....
1,000,000
1,278,842
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020
A,
3%,
2/01/39
.....
1,200,000
1,290,524
City
of
Mesa
,
Utility
System
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/29
............
2,500,000
2,972,557
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport,
Revenue,
Junior
Lien,
2017
D,
Refunding,
5%,
7/01/30
...............
10,000,000
12,182,966
Airport,
Revenue,
Junior
Lien,
2019
B,
5%,
7/01/35
........................
3,500,000
4,376,073
Airport,
Revenue,
Junior
Lien,
2019
B,
5%,
7/01/36
........................
10,225,000
12,761,708
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/35
..................................................
9,720,000
12,066,429
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/36
..................................................
6,380,000
7,906,115
Glendale
Industrial
Development
Authority
,
Midwestern
University
Foundation,
Revenue,
2020,
Refunding,
5%,
5/15/30
......
525,000
674,099
Midwestern
University
Foundation,
Revenue,
2020,
Refunding,
5%,
5/15/31
......
425,000
539,481
Midwestern
University
Foundation,
Revenue,
2020,
Refunding,
5%,
5/15/32
......
525,000
664,701
Maricopa
County
Industrial
Development
Authority
,
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/30
.......
850,000
1,065,989
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/31
.......
1,000,000
1,250,307
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/32
.......
1,000,000
1,248,001
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/33
.......
800,000
997,026
Pima
County
Regional
Transportation
Authority
,
Revenue,
2014,
5%,
6/01/24
.........................................
3,385,000
3,623,266
Revenue,
2014,
5%,
6/01/26
.........................................
7,180,000
7,676,421
Scottsdale
Municipal
Property
Corp.
,
Revenue,
2015,
Refunding,
5%,
7/01/26
.................................
2,580,000
2,992,324
Revenue,
2015,
Pre-Refunded,
5%,
7/01/27
..............................
2,000,000
2,323,506
Revenue,
2015,
Pre-Refunded,
5%,
7/01/28
..............................
3,325,000
3,862,828
113,993,070
Arkansas
0.6%
Arkansas
Development
Finance
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/32
........................................................
3,885,000
4,942,098
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/35
........................................................
4,630,000
5,850,631
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/36
........................................................
3,625,000
4,572,482
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/37
........................................................
1,250,000
1,573,214
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/38
........................................................
1,000,000
1,256,333
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
24
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arkansas
(continued)
Arkansas
Development
Finance
Authority,
(continued)
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/39
........................................................
$
1,000,000
$
1,253,851
City
of
Fort
Smith
,
Sales
&
Use
Tax
,
Revenue
,
2012
,
Refunding
,
5
%
,
5/01/23
......
5,000,000
5,096,543
24,545,152
California
4.6%
Bay
Area
Toll
Authority
,
Revenue,
2017
S-7,
Refunding,
4%,
4/01/31
.............................
7,000,000
8,135,890
Revenue,
2017
S-7,
Refunding,
4%,
4/01/33
.............................
5,000,000
5,804,633
b
California
Community
Choice
Financing
Authority
,
Revenue,
2021
A,
Mandatory
Put,
4%,
12/01/27
...........................
2,500,000
2,892,824
Revenue,
2021
B-1,
Mandatory
Put,
4%,
8/01/31
..........................
11,000,000
13,330,957
b
California
Infrastructure
&
Economic
Development
Bank
,
California
Academy
of
Sciences
,
Revenue
,
2018
B
,
Refunding
,
Mandatory
Put
,
0.4
%
,
(
SIFMA
Municipal
Swap
Index
+
0.35
%
),
8/01/24
........................................
5,000,000
5,017,322
California
Statewide
Communities
Development
Authority
,
Emanate
Health
Obligated
Group,
Revenue,
2020
A,
5%,
4/01/35
.............
1,300,000
1,665,511
Emanate
Health
Obligated
Group,
Revenue,
2020
A,
4%,
4/01/37
.............
700,000
827,976
Emanate
Health
Obligated
Group,
Revenue,
2020
A,
4%,
4/01/38
.............
1,350,000
1,594,011
Southern
California
Edison
Co.,
Revenue,
2010
A,
Refunding,
1.75%,
9/01/29
....
7,000,000
7,086,578
City
of
Riverside
,
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/34
.........................
10,605,000
12,213,273
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/35
.........................
11,000,000
12,650,946
Los
Angeles
Department
of
Water
&
Power
,
Power
System,
Revenue,
2013
A,
5%,
7/01/26
............................
11,025,000
11,591,661
Power
System,
Revenue,
2017
B,
Refunding,
5%,
7/01/31
...................
8,220,000
9,963,814
Power
System,
Revenue,
2017
C,
5%,
7/01/32
............................
4,615,000
5,687,291
Power
System,
Revenue,
2017
C,
5%,
7/01/33
............................
3,960,000
4,877,665
Power
System,
Revenue,
2017
C,
5%,
7/01/34
............................
4,080,000
5,022,963
Los
Angeles
Unified
School
District
,
GO
,
2018
B-1
,
5
%
,
7/01/32
................
8,000,000
9,908,592
San
Diego
Public
Facilities
Financing
Authority
,
City
of
San
Diego
Water
Utility,
Revenue,
2020
A,
4%,
8/01/36
................
855,000
1,043,388
City
of
San
Diego
Water
Utility,
Revenue,
2020
A,
4%,
8/01/37
................
1,250,000
1,521,950
State
of
California
,
GO,
Refunding,
5%,
10/01/25
.........................................
15,000,000
15,925,245
GO,
Refunding,
5%,
8/01/30
.........................................
25,000,000
29,988,432
GO,
Refunding,
5%,
8/01/30
.........................................
10,000,000
11,583,372
178,334,294
Colorado
3.0%
City
&
County
of
Denver
,
Airport
System,
Revenue,
B,
5.25%,
11/15/26
.............................
5,000,000
5,476,348
Airport
System,
Revenue,
B,
5.25%,
11/15/27
.............................
4,250,000
4,651,393
Colorado
Health
Facilities
Authority
,
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/29
.......................................................
650,000
824,633
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/30
.......................................................
700,000
903,899
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/31
.......................................................
1,000,000
1,289,480
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/32
.......................................................
750,000
964,966
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/33
.......................................................
1,000,000
1,282,532
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/34
.......................................................
1,100,000
1,405,782
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
25
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Colorado
Health
Facilities
Authority,
(continued)
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/33
$
5,000,000
$
6,312,623
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/36
8,500,000
10,651,499
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
4%,
8/01/37
2,250,000
2,639,296
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
4%,
8/01/39
1,250,000
1,457,318
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/32
2,000,000
2,532,333
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/34
5,500,000
6,922,562
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/35
4,500,000
5,656,037
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/37
2,000,000
2,497,965
Fort
Carson
Family
Housing
LLC
,
Revenue
,
1999
,
NATL
Insured
,
7.86
%
,
11/15/29
..
35,000,000
43,390,200
Regional
Transportation
District
,
COP,
2013
A,
Refunding,
5%,
6/01/26
..................................
14,000,000
14,913,462
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
7/15/33
........
1,000,000
1,244,258
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
7/15/34
........
1,400,000
1,676,953
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
3.375
%
,
12/01/30
................
500,000
547,098
117,240,637
Connecticut
3.0%
City
of
Stamford
,
GO,
2019,
3%,
6/01/35
.............................................
3,025,000
3,291,356
GO,
2019,
3%,
6/01/36
.............................................
3,025,000
3,286,540
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/37
..........
2,500,000
2,933,914
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/32
.....
5,900,000
7,397,293
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/33
.....
5,000,000
6,259,018
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/35
.....
250,000
291,216
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/36
.....
4,750,000
5,523,079
Sacred
Heart
University,
Inc.,
Revenue,
K,
5%,
7/01/32
.....................
700,000
897,708
Sacred
Heart
University,
Inc.,
Revenue,
K,
5%,
7/01/33
.....................
625,000
800,121
Sacred
Heart
University,
Inc.,
Revenue,
K,
5%,
7/01/34
.....................
725,000
926,382
Sacred
Heart
University,
Inc.,
Revenue,
K,
5%,
7/01/35
.....................
550,000
701,646
c
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
5%,
7/01/26
...
200,000
231,854
c
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
5%,
7/01/27
...
250,000
296,809
State
of
Connecticut
,
GO,
2013
E,
5%,
8/15/25
............................................
11,295,000
12,190,445
GO,
2013
E,
5%,
8/15/26
............................................
18,585,000
20,049,478
GO,
2020
C,
4%,
6/01/34
............................................
1,500,000
1,812,705
GO,
2020
C,
4%,
6/01/36
............................................
1,800,000
2,160,574
GO,
2021
A,
3%,
1/15/33
............................................
3,500,000
3,915,358
GO,
2021
B,
3%,
6/01/37
............................................
8,620,000
9,580,882
Special
Tax,
2020
A,
5%,
5/01/35
......................................
4,500,000
5,817,898
Special
Tax,
2020
A,
4%,
5/01/36
......................................
3,500,000
4,176,306
Special
Tax,
2021
A,
5%,
5/01/41
......................................
1,500,000
1,953,531
Special
Tax,
A,
5%,
1/01/28
..........................................
10,000,000
10,510,619
University
of
Connecticut
,
Revenue,
2016
A,
5%,
3/15/30
........................................
3,075,000
3,613,840
Revenue,
2016
A,
5%,
3/15/31
........................................
5,025,000
5,899,590
114,518,162
Florida
7.6%
Alachua
County
Health
Facilities
Authority
,
Shands
Teaching
Hospital
&
Clinics
Obligated
Group,
Revenue,
B-1,
Refunding,
5%,
12/01/31
.......................................................
5,000,000
6,406,799
Shands
Teaching
Hospital
&
Clinics
Obligated
Group,
Revenue,
B-1,
Refunding,
5%,
12/01/32
.......................................................
1,600,000
2,046,374
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Alachua
County
Health
Facilities
Authority,
(continued)
Shands
Teaching
Hospital
&
Clinics
Obligated
Group,
Revenue,
B-1,
Refunding,
5%,
12/01/33
.......................................................
$
3,445,000
$
4,399,442
Shands
Teaching
Hospital
&
Clinics
Obligated
Group,
Revenue,
B-1,
Refunding,
5%,
12/01/35
.......................................................
2,350,000
2,991,597
Broward
County
,
Water
&
Sewer
Utility,
Revenue,
B,
Refunding,
5%,
10/01/24
.................
6,000,000
6,240,085
Water
&
Sewer
Utility,
Revenue,
B,
Refunding,
5%,
10/01/25
.................
6,325,000
6,577,548
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F
,
Revenue
,
2020
A-1
,
Refunding
,
5
%
,
10/01/30
............................................
1,000,000
1,248,131
Centre
Lake
Community
Development
District
,
Special
Assessment
,
2021
,
2.75
%
,
5/01/30
.........................................................
255,000
261,368
City
of
Clearwater
,
Water
&
Sewer
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/33
......
5,520,000
6,654,331
City
of
Gainesville
,
Utilities
System
,
Revenue
,
2017
A
,
5
%
,
10/01/30
.............
1,500,000
1,849,482
City
of
Jacksonville
,
Revenue,
2012
A,
Refunding,
5%,
10/01/28
..............................
6,000,000
6,238,028
Genesis
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/01/39
..
1,650,000
1,908,195
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/40
........................................
2,500,000
2,703,969
City
of
Port
St.
Lucie
,
Utility
System,
Revenue,
2016,
Refunding,
4%,
9/01/30
.....................
1,500,000
1,719,062
Utility
System,
Revenue,
2016,
Refunding,
4%,
9/01/31
.....................
1,635,000
1,871,198
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/15/33
...................
6,000,000
6,824,110
City
of
Tampa
,
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
4%,
7/01/38
..................................................
700,000
822,115
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
4%,
7/01/39
..................................................
500,000
586,053
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
5%,
7/01/40
..................................................
1,000,000
1,263,622
County
of
Lee
,
Airport,
Revenue,
2021
A,
Refunding,
5%,
10/01/30
........................
10,000,000
12,903,269
Airport,
Revenue,
2021
A,
Refunding,
5%,
10/01/31
........................
6,000,000
7,893,944
County
of
Miami-Dade
,
Transit
System,
Revenue,
2012,
Pre-Refunded,
5%,
7/01/24
.................
2,250,000
2,313,263
Transit
System,
Revenue,
2012,
Pre-Refunded,
5%,
7/01/25
.................
3,000,000
3,084,351
Transit
System,
Revenue,
2012,
Pre-Refunded,
5%,
7/01/26
.................
4,000,000
4,112,468
Transit
System,
Revenue,
2012,
Pre-Refunded,
5%,
7/01/27
.................
4,000,000
4,112,467
Transit
System,
Revenue,
2019,
Refunding,
4%,
7/01/35
....................
13,890,000
16,517,224
Water
&
Sewer
System,
Revenue,
2013
B,
Pre-Refunded,
5%,
10/01/27
........
15,000,000
16,298,112
County
of
Palm
Beach
,
Water
&
Sewer
,
Revenue
,
2013
,
Pre-Refunded
,
5
%
,
10/01/28
1,240,000
1,347,311
Escambia
County
Health
Facilities
Authority
,
Baptist
Health
Care
Corp.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/34
.........................
1,000,000
1,254,573
Greater
Orlando
Aviation
Authority
,
Revenue,
2019
A,
5%,
10/01/34
.......................................
15,560,000
19,595,265
Revenue,
2019
A,
4%,
10/01/35
.......................................
5,000,000
5,860,021
Herons
Glen
Recreation
District
,
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/32
.............
185,000
202,900
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/33
.............
300,000
328,410
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/34
.............
245,000
267,699
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/35
.............
255,000
278,122
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/36
.............
260,000
282,937
JEA
Water
&
Sewer
System
,
Revenue,
2014
A,
Pre-Refunded,
5%,
10/01/26
...........................
1,530,000
1,692,440
Revenue,
2014
A,
5%,
10/01/26
.......................................
1,455,000
1,612,533
Revenue,
2014
A,
Pre-Refunded,
5%,
10/01/27
...........................
5,375,000
5,945,663
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
27
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
JEA
Water
&
Sewer
System,
(continued)
Revenue,
2014
A,
5%,
10/01/27
.......................................
$
5,130,000
$
5,679,085
Revenue,
2014
A,
Pre-Refunded,
5%,
10/01/29
...........................
1,265,000
1,399,305
Revenue,
2014
A,
5%,
10/01/29
.......................................
1,205,000
1,330,706
Revenue,
2017
A,
Refunding,
5%,
10/01/31
..............................
17,435,000
21,409,373
Lee
Memorial
Health
System
,
Lee
Memorial
Health
System
Obligated
Group
,
Revenue
,
A-1
,
Refunding
,
4
%
,
4/01/37
.........................................
5,000,000
5,822,096
Leon
County
School
District
,
Revenue
,
2014
,
5
%
,
9/01/25
.....................
6,040,000
6,536,542
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
10/01/28
.....
1,000,000
1,195,032
Orlando
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
10/01/30
.....
2,875,000
3,429,700
Orlando
Utilities
Commission
,
Revenue,
2012
A,
Refunding,
5%,
10/01/24
..............................
2,405,000
2,718,668
Revenue,
2012
A,
Refunding,
5%,
10/01/25
..............................
2,000,000
2,342,447
Revenue,
2018
A,
5%,
10/01/33
.......................................
1,755,000
2,158,090
Orlando-Orange
County
Expressway
Authority
,
Central
Florida
Expressway
Authority
,
Revenue
,
2013
B
,
Pre-Refunded
,
AGMC
Insured
,
5
%
,
7/01/24
................
14,650,000
15,741,295
Palm
Beach
County
Health
Facilities
Authority
,
Baptist
Health
South
Florida
Obligated
Group
,
Revenue
,
2019
,
4
%
,
8/15/49
....................................
11,895,000
13,652,191
Palm
Beach
County
School
District
,
COP
,
2014
B
,
5
%
,
8/01/25
.................
4,000,000
4,638,086
River
Hall
Community
Development
District
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/31
......................................................
500,000
514,068
State
of
Florida
,
GO,
2015
E,
Refunding,
4%,
6/01/33
...................................
11,855,000
13,210,898
GO,
2017
C,
Refunding,
4%,
6/01/32
...................................
12,855,000
15,032,816
GO,
2017
C,
Refunding,
4%,
6/01/33
...................................
5,000,000
5,839,844
Tohopekaliga
Water
Authority
,
Revenue
,
2016
,
Refunding
,
4
%
,
10/01/32
..........
2,855,000
3,282,771
294,447,494
Georgia
1.9%
City
of
Atlanta
,
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2014
A,
Refunding,
5%,
1/01/27
........................................................
7,000,000
7,655,535
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2014
A,
Refunding,
5%,
1/01/28
........................................................
5,100,000
5,594,383
Water
&
Wastewater,
Revenue,
2015,
Refunding,
5%,
11/01/26
...............
5,165,000
5,936,005
Water
&
Wastewater,
Revenue,
2018
C,
Refunding,
5%,
11/01/33
..............
6,750,000
8,364,970
Water
&
Wastewater,
Revenue,
2018
C,
Refunding,
5%,
11/01/34
..............
3,000,000
3,716,093
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/32
1,150,000
1,377,772
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/33
815,000
974,620
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/34
725,000
865,460
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/35
1,140,000
1,358,390
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/36
1,675,000
1,991,323
Development
Authority
for
Fulton
County
,
Spelman
College,
Revenue,
2015,
Refunding,
5%,
6/01/28
...................
3,785,000
4,315,775
Spelman
College,
Revenue,
2015,
Refunding,
5%,
6/01/29
...................
4,385,000
4,993,974
Spelman
College,
Revenue,
2015,
Refunding,
5%,
6/01/30
...................
4,805,000
5,471,867
b
Development
Authority
of
Monroe
County
(The)
,
Georgia
Power
Co.
,
Revenue,
First
Series
,
2009
,
Refunding
,
Mandatory
Put
,
1
%
,
8/21/26
......................
2,375,000
2,381,906
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
A,
Refunding,
5%,
2/15/27
........................................................
1,750,000
2,123,382
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
A,
Refunding,
5%,
2/15/28
........................................................
2,100,000
2,540,614
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
A,
Refunding,
5%,
2/15/29
........................................................
2,000,000
2,407,823
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Gainesville
&
Hall
County
Hospital
Authority,
(continued)
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
A,
Refunding,
5%,
2/15/30
........................................................
$
1,000,000
$
1,202,068
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2021
C
,
4
%
,
12/01/25
.................
1,000,000
1,125,054
Municipal
Electric
Authority
of
Georgia
,
Revenue,
2019
A,
5%,
1/01/30
........................................
1,000,000
1,237,298
Revenue,
2019
A,
5%,
1/01/31
........................................
600,000
739,305
Revenue,
2019
A,
5%,
1/01/32
........................................
500,000
616,003
Revenue,
2019
A,
5%,
1/01/33
........................................
1,000,000
1,232,235
Revenue,
2019
B,
5%,
1/01/29
........................................
500,000
615,355
Revenue,
2019
B,
5%,
1/01/30
........................................
480,000
590,494
Revenue,
2019
B,
5%,
1/01/31
........................................
700,000
860,044
Revenue,
2019
B,
5%,
1/01/32
........................................
750,000
919,233
Revenue,
2019
B,
5%,
1/01/33
........................................
1,045,000
1,280,298
Revenue,
2019
B,
5%,
1/01/34
........................................
700,000
856,496
73,343,775
Hawaii
0.9%
State
of
Hawaii
,
GO,
EO,
5%,
8/01/28
...............................................
21,695,000
24,262,701
GO,
EO,
Pre-Refunded,
5%,
8/01/28
...................................
3,305,000
3,709,284
Airports
System,
Revenue,
2020
A,
4%,
7/01/35
...........................
4,420,000
5,222,648
33,194,633
Illinois
6.1%
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien,
2020
C,
Refunding,
4%,
1/01/35
.....................
5,560,000
6,606,444
Chicago
Park
District
,
GO,
2020
F-2,
Refunding,
5%,
1/01/32
..................................
1,500,000
1,891,771
GO,
2020
F-2,
Refunding,
5%,
1/01/33
..................................
3,000,000
3,771,413
GO,
2020
F-2,
Refunding,
4%,
1/01/34
..................................
1,100,000
1,285,891
GO,
2020
F-2,
Refunding,
5%,
1/01/35
..................................
2,375,000
2,975,307
Chicago
Transit
Authority
Capital
Grant
Receipts
,
Revenue
,
2021
,
Refunding
,
5
%
,
6/01/28
.........................................................
1,750,000
2,182,245
City
of
Chicago
,
GO,
1999,
NATL
Insured,
Zero
Cpn.,
1/01/31
.............................
4,350,000
3,641,863
GO,
2003
B,
Refunding,
5%,
1/01/26
...................................
1,795,000
2,022,178
GO,
2020
A,
Refunding,
5%,
1/01/28
...................................
4,000,000
4,870,907
GO,
2020
A,
Refunding,
5%,
1/01/29
...................................
2,500,000
3,107,432
d
City
of
Galesburg
,
Knox
College,
Revenue,
2021
A,
Refunding,
4%,
10/01/36
...................
1,125,000
1,311,522
Knox
College,
Revenue,
2021
A,
Refunding,
4%,
10/01/41
...................
1,475,000
1,691,987
County
of
Cook
,
GO,
A,
Refunding,
AGMC
Insured,
5.25%,
11/15/22
........................
12,395,000
12,426,413
Sales
Tax,
Revenue,
2021
A,
Refunding,
5%,
11/15/38
......................
2,350,000
2,998,910
Sales
Tax,
Revenue,
2021
A,
Refunding,
4%,
11/15/39
......................
3,000,000
3,561,476
Sales
Tax,
Revenue,
2021
A,
Refunding,
4%,
11/15/40
......................
2,500,000
2,962,669
b
Illinois
Development
Finance
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2019
,
Mandatory
Put
,
0.4
%
,
11/01/22
.......................................
5,000,000
4,999,948
Illinois
Finance
Authority
,
Carle
Foundation
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
8/15/40
4,300,000
5,156,915
Carle
Foundation
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
8/15/41
16,855,000
20,162,746
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
5/15/28
.........
1,065,000
1,223,923
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
5/15/29
.........
1,100,000
1,276,389
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
5/15/30
.........
1,310,000
1,517,207
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
5/15/31
.........
1,095,000
1,261,640
Northwestern
University,
Revenue,
2015,
5%,
12/01/28
.....................
1,675,000
2,134,781
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
29
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
Metropolitan
Pier
&
Exposition
Authority
,
c
Revenue,
2022
A,
Refunding,
3%,
6/15/25
...............................
$
2,000,000
$
2,117,151
Revenue,
B,
Pre-Refunded,
5%,
6/15/23
................................
600,000
615,175
Northern
Illinois
University
,
Revenue,
2021,
BAM
Insured,
4%,
10/01/41
.............................
400,000
471,216
Revenue,
2021,
BAM
Insured,
4%,
10/01/43
.............................
2,075,000
2,433,050
Railsplitter
Tobacco
Settlement
Authority
,
Revenue
,
2017
,
5
%
,
6/01/26
...........
3,500,000
4,141,170
State
of
Illinois
,
GO,
2013
A,
AGMC
Insured,
5%,
4/01/25
................................
18,000,000
19,134,965
GO,
2014,
AGMC
Insured,
5%,
2/01/26
.................................
5,650,000
6,199,061
GO,
2016,
Refunding,
5%,
2/01/26
.....................................
1,000,000
1,166,421
GO,
2016,
Refunding,
5%,
2/01/28
.....................................
3,015,000
3,597,872
GO,
2016,
Refunding,
5%,
2/01/29
.....................................
2,250,000
2,671,409
GO,
2017
C,
5%,
11/01/29
...........................................
5,675,000
6,819,928
GO,
2017
D,
3.25%,
11/01/26
.........................................
750,000
827,680
GO,
2017
D,
5%,
11/01/27
...........................................
1,500,000
1,815,204
GO,
2018
A,
Refunding,
5%,
10/01/28
..................................
1,500,000
1,848,927
GO,
2018
A,
Refunding,
5%,
10/01/29
..................................
1,125,000
1,382,140
GO,
2018
B,
Refunding,
5%,
10/01/31
..................................
1,875,000
2,285,072
GO,
2018
B,
Refunding,
5%,
10/01/32
..................................
1,120,000
1,362,308
GO,
2019
B,
5%,
11/01/30
...........................................
1,125,000
1,405,252
GO,
2019
B,
4%,
11/01/38
...........................................
1,030,000
1,181,546
GO,
2020,
5.5%,
5/01/30
............................................
6,550,000
8,559,326
GO,
2020,
5.5%,
5/01/39
............................................
3,700,000
4,727,778
GO,
2020
C,
4%,
10/01/37
...........................................
8,170,000
9,518,530
GO,
2021
A,
5%,
3/01/46
............................................
2,000,000
2,483,828
Sales
Tax,
Revenue,
2021
A,
4%,
6/15/25
...............................
5,000,000
5,570,878
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/26
.............
2,500,000
2,951,724
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/27
.............
6,000,000
7,259,455
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/28
.............
5,000,000
6,171,673
University
of
Illinois
,
Auxiliary
Facilities
System,
Revenue,
2021
A,
Refunding,
5%,
4/01/29
..........
11,000,000
13,956,008
Auxiliary
Facilities
System,
Revenue,
2021
A,
Refunding,
5%,
4/01/30
..........
8,000,000
10,356,820
e
Upper
Illinois
River
Valley
Development
Authority
,
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group
,
Revenue
,
144A,
2020
A
,
Refunding
,
3.5
%
,
12/01/32
......
6,400,000
6,584,392
234,657,936
Indiana
1.1%
e
City
of
Goshen
,
Green
Oaks
of
Goshen
LLC
,
Revenue
,
144A,
2021
B
,
4.75
%
,
8/01/24
1,560,000
1,561,567
Indiana
Finance
Authority
,
c
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/26
..
1,065,000
1,110,732
c
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/27
..
1,150,000
1,205,296
c
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/28
..
1,235,000
1,298,150
c
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/29
..
1,330,000
1,398,977
c
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/30
..
1,425,000
1,500,966
Indianapolis
Power
&
Light
Co.,
Revenue,
2021
A,
Refunding,
1.4%,
8/01/29
.....
3,000,000
2,984,527
State
Revolving
Fund,
Revenue,
2018
A,
5%,
2/01/35
......................
9,795,000
12,152,647
Indianapolis
Local
Public
Improvement
Bond
Bank
,
Revenue
,
2021
A
,
Refunding
,
AGMC
Insured
,
4
%
,
6/01/41
..........................................
15,265,000
18,158,752
41,371,614
Iowa
0.8%
Iowa
Higher
Education
Loan
Authority
,
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/31
.
1,800,000
2,286,944
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/32
.
1,920,000
2,432,216
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/33
.
2,030,000
2,567,200
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/34
.
2,135,000
2,694,413
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
30
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Iowa
(continued)
Iowa
Higher
Education
Loan
Authority,
(continued)
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/35
.
$
1,250,000
$
1,572,963
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/36
.
2,470,000
3,102,905
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/37
.
2,595,000
3,252,638
Iowa
Tobacco
Settlement
Authority
,
Revenue,
2021
A-2,
1,
Refunding,
4%,
6/01/49
............................
8,500,000
9,852,241
Revenue,
2021
B-1,
2,
Refunding,
4%,
6/01/49
...........................
1,500,000
1,733,011
29,494,531
Kansas
0.2%
State
of
Kansas
,
Department
of
Transportation
,
Revenue
,
2014
A
,
5
%
,
9/01/28
.....
8,000,000
8,996,866
Kentucky
0.9%
Eastern
Kentucky
University
,
Revenue,
2021
A,
Refunding,
4%,
10/01/29
..............................
1,355,000
1,612,115
Revenue,
2021
A,
Refunding,
4%,
10/01/30
..............................
1,410,000
1,697,877
Revenue,
2021
A,
Refunding,
4%,
10/01/31
..............................
1,470,000
1,789,842
Kentucky
Economic
Development
Finance
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/34
........................
1,000,000
1,258,648
Kentucky
Municipal
Power
Agency
,
Revenue,
2016
A,
Refunding,
NATL
Insured,
5%,
9/01/34
....................
1,500,000
1,796,933
Revenue,
2019
A,
Refunding,
5%,
9/01/31
...............................
1,500,000
1,838,307
Revenue,
2019
A,
Refunding,
5%,
9/01/32
...............................
1,600,000
1,957,257
Revenue,
2019
A,
Refunding,
5%,
9/01/33
...............................
1,000,000
1,219,456
Kentucky
State
Property
&
Building
Commission
,
Kentucky
Finance
and
Administration
Cabinet
,
Revenue
,
BAM
Insured
,
5
%
,
5/01/32
............................
2,000,000
2,466,722
Kentucky
Turnpike
Authority
,
Kentucky
Transportation
Cabinet,
Revenue,
B,
Refunding,
5%,
7/01/26
.........
2,570,000
3,062,178
Kentucky
Transportation
Cabinet,
Revenue,
B,
Refunding,
5%,
7/01/28
.........
3,000,000
3,656,099
Paducah
Electric
Plant
Board
,
Revenue,
2016
A,
Refunding,
AGMC
Insured,
5%,
10/01/29
..................
5,500,000
6,578,016
Revenue,
2016
A,
Refunding,
AGMC
Insured,
5%,
10/01/31
..................
5,500,000
6,578,180
35,511,630
Louisiana
2.7%
East
Baton
Rouge
Sewerage
Commission
,
Revenue,
2019
A,
Refunding,
4%,
2/01/35
...............................
1,310,000
1,557,321
Revenue,
2019
A,
Refunding,
4%,
2/01/36
...............................
2,000,000
2,373,894
Revenue,
2019
B,
Refunding,
5%,
2/01/32
...............................
2,000,000
2,722,630
Jefferson
Sales
Tax
District
,
Revenue
,
2019
B
,
AGMC
Insured
,
4
%
,
12/01/36
.......
7,000,000
8,394,550
Lafayette
Consolidated
Government
,
Revenue,
2015,
Refunding,
AGMC
Insured,
5%,
11/01/25
...................
2,400,000
2,802,442
Revenue,
2015,
Refunding,
AGMC
Insured,
5%,
11/01/27
...................
3,500,000
4,077,880
Revenue,
2015,
Refunding,
AGMC
Insured,
5%,
11/01/29
...................
4,685,000
5,451,743
e
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
City
of
New
Orleans,
Revenue,
144A,
2021,
4%,
11/01/46
...................
10,000,000
10,907,656
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.,
Revenue,
144A,
2020
A,
Refunding,
3.5%,
12/01/32
.........................................
1,960,000
2,007,768
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
3.75%,
10/01/38
4,592,712
4,681,625
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
B,
5.25%,
10/01/32
5,350,000
5,397,867
Louisiana
Public
Facilities
Authority
,
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/29
........................................................
10,000
11,838
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
5%,
5/15/29
.......
1,240,000
1,456,770
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/30
........................................................
5,000
5,919
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
31
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
Public
Facilities
Authority,
(continued)
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
5%,
5/15/30
.......
$
995,000
$
1,165,432
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/32
........................................................
15,000
17,757
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
5%,
5/15/32
.......
1,485,000
1,732,547
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/28
1,000,000
1,217,565
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/29
2,000,000
2,422,533
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/30
2,250,000
2,712,879
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/31
1,745,000
2,097,789
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/32
1,750,000
2,100,093
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/33
2,000,000
2,392,529
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/36
.................
4,750,000
6,050,568
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/37
.................
2,000,000
2,542,158
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/38
.................
3,120,000
3,958,979
b
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
B-2
,
Refunding
,
Mandatory
Put
,
2.375
%
,
7/01/26
......................................
2,500,000
2,638,550
Port
New
Orleans
Board
of
Commissioners
,
Revenue,
2020
E,
5%,
4/01/35
........................................
1,000,000
1,240,335
Revenue,
2020
E,
5%,
4/01/36
........................................
1,495,000
1,850,189
Revenue,
2020
E,
5%,
4/01/37
........................................
1,065,000
1,315,222
Revenue,
2020
E,
5%,
4/01/38
........................................
1,000,000
1,232,848
Revenue,
2020
E,
5%,
4/01/39
........................................
2,750,000
3,383,915
State
of
Louisiana
,
GO
,
2014
C
,
Refunding
,
5
%
,
8/01/25
......................
10,000,000
11,217,035
103,138,826
Maine
0.2%
Maine
Health
&
Higher
Educational
Facilities
Authority
,
MaineHealth
Obligated
Group,
Revenue,
2020
A,
5%,
7/01/35
................
1,000,000
1,288,707
MaineHealth
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/36
................
1,000,000
1,187,972
MaineHealth
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/37
................
1,150,000
1,363,099
MaineHealth
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/38
................
2,690,000
3,182,735
7,022,513
Maryland
2.4%
City
of
Baltimore
,
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/29
.....................
1,000,000
1,204,144
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/30
.....................
2,940,000
3,538,646
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/31
.....................
2,085,000
2,509,941
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/32
.....................
3,240,000
3,901,400
Wastewater
Utility
Fund,
Revenue,
2017
C,
Refunding,
5%,
7/01/30
............
6,450,000
7,763,355
Wastewater
Utility
Fund,
Revenue,
2017
C,
Refunding,
5%,
7/01/32
............
5,905,000
7,110,422
Wastewater
Utility
Fund,
Revenue,
Senior
Lien,
D,
Refunding,
5%,
7/01/28
......
2,790,000
3,161,836
Wastewater
Utility
Fund,
Revenue,
Senior
Lien,
D,
Refunding,
5%,
7/01/29
......
5,835,000
6,603,626
Water
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/29
.........................
1,320,000
1,589,470
Water
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/30
.........................
1,785,000
2,147,479
Water
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/31
.........................
3,765,000
4,532,340
Water
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/32
.........................
4,000,000
4,816,544
County
of
Anne
Arundel
,
GO
,
2015
,
5
%
,
4/01/29
............................
7,495,000
8,595,626
Maryland
Community
Development
Administration
,
Residential
,
Revenue
,
2019
B
,
Refunding
,
3
%
,
9/01/34
.............................................
5,000,000
5,357,286
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Frederick
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
3.25%,
7/01/39
500,000
550,961
Frederick
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
7/01/40
..
300,000
354,165
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2017
B,
Refunding,
5%,
7/01/30
............................................
8,520,000
10,354,045
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2017
B,
Refunding,
5%,
7/01/31
............................................
7,415,000
8,994,758
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
32
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Town
of
Chestertown
,
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/28
...............
$
1,000,000
$
1,221,920
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/29
...............
1,340,000
1,662,424
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/30
...............
2,810,000
3,533,807
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/31
...............
1,480,000
1,889,908
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/32
...............
1,550,000
1,967,233
93,361,336
Massachusetts
3.8%
Commonwealth
of
Massachusetts
,
GO,
A,
Refunding,
5%,
7/01/28
.......................................
7,500,000
8,665,773
GO,
A,
Refunding,
5%,
7/01/29
.......................................
6,000,000
6,933,275
d
Massachusetts
Clean
Energy
Cooperative
Corp.
,
Revenue,
2021,
Refunding,
2.135%,
7/01/29
.............................
5,000,000
5,024,799
Revenue,
2021,
Refunding,
2.235%,
7/01/30
.............................
6,420,000
6,462,524
Massachusetts
Clean
Water
Trust
(The)
,
Revenue,
17
A,
5%,
2/01/24
..........................................
9,380,000
9,899,437
Revenue,
17
A,
5%,
2/01/25
..........................................
9,750,000
10,289,927
Revenue,
2014,
Refunding,
5%,
8/01/26
.................................
10,650,000
12,824,059
Massachusetts
Development
Finance
Agency
,
Wellforce
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/30
.......................................................
150,000
195,571
Wellforce
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/31
.......................................................
475,000
617,064
Wellforce
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/32
.......................................................
450,000
583,289
Wellforce
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/33
.......................................................
525,000
679,345
Wellforce
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/34
.......................................................
450,000
581,089
Massachusetts
Port
Authority
,
Revenue,
2019
C,
5%,
7/01/32
........................................
4,220,000
5,284,068
Revenue,
2019
C,
5%,
7/01/33
........................................
4,430,000
5,538,283
Revenue,
2019
C,
5%,
7/01/34
........................................
9,280,000
11,581,878
Massachusetts
School
Building
Authority
,
Revenue,
2012
B,
Pre-Refunded,
5%,
8/15/27
............................
235,000
242,839
Revenue,
2012
B,
Pre-Refunded,
5%,
8/15/27
............................
5,765,000
5,961,471
Revenue,
Senior
Lien,
2012
A,
Pre-Refunded,
5%,
8/15/25
...................
10,975,000
11,348,350
Revenue,
Senior
Lien,
2012
A,
Pre-Refunded,
5%,
8/15/26
...................
495,000
511,511
Massachusetts
Transportation
Trust
Fund
,
Metropolitan
Highway
System
,
Revenue,
Senior
Lien
,
2019
A
,
Refunding
,
5
%
,
1/01/35
.............................
7,000,000
8,705,651
Massachusetts
Water
Resources
Authority
,
Revenue
,
C
,
Refunding
,
5
%
,
8/01/32
....
13,920,000
17,129,674
University
of
Massachusetts
Building
Authority
,
Revenue,
2017-3,
Refunding,
5%,
11/01/31
..............................
10,035,000
12,469,388
Revenue,
2017-3,
Refunding,
5%,
11/01/32
..............................
5,000,000
6,203,625
147,732,890
Michigan
2.0%
Lansing
Board
of
Water
&
Light
,
Revenue
,
2019
A
,
5
%
,
7/01/36
.................
4,645,000
5,907,857
Lansing
School
District
,
GO,
2016
I,
5%,
5/01/30
.............................................
1,860,000
2,204,245
GO,
2016
I,
5%,
5/01/31
.............................................
2,010,000
2,380,082
GO,
2016
I,
5%,
5/01/32
.............................................
2,310,000
2,733,110
Michigan
Finance
Authority
,
Clean
Water
Revolving
Fund,
Revenue,
2012,
Pre-Refunded,
5%,
10/01/24
......
12,000,000
12,481,200
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/35
...
1,000,000
1,197,588
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2016
MI,
Refunding,
5%,
12/01/34
8,200,000
9,718,117
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
33
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group,
Revenue,
1999
B-3,
4%,
11/15/31
.............
$
5,100,000
$
5,989,438
Michigan
Finance
Authority,
Revenue,
2008
C,
5%,
12/01/32
.................
1,115,000
1,375,183
Michigan
Finance
Authority,
Revenue,
2008
C,
Pre-Refunded,
5%,
12/01/32
......
135,000
167,582
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2008
C,
Refunding,
5%,
12/01/31
.
2,700,000
3,331,315
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2012
MI,
Refunding,
5%,
12/01/24
8,000,000
8,191,657
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
A-1
,
3
%
,
10/01/39
..
3,500,000
3,723,766
b
Michigan
Strategic
Fund
,
Consumers
Energy
Co.
,
Revenue
,
2005
,
Mandatory
Put
,
0.875
%
,
10/08/26
..................................................
5,000,000
4,993,926
e
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
144A,
2017
E
,
Refunding
,
4
%
,
12/01/27
.................................
10,785,000
12,605,537
77,000,603
Mississippi
0.3%
Mississippi
Home
Corp.
,
e
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
4%,
6/01/46
..
8,143,623
8,030,330
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
2021
D-8,
3.65%,
6/01/33
..................................................
101,412
101,901
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
2021
D-8,
4.15%,
6/01/46
..................................................
400,000
401,886
e
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
144A,
2021
E-8,
5.5%,
6/01/36
...........................................
2,540,000
2,555,330
11,089,447
Missouri
1.1%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Mercy
Health
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
6/01/31
...............................
12,500,000
15,626,909
Missouri
Joint
Municipal
Electric
Utility
Commission
,
Revenue,
2014
A,
Refunding,
5%,
1/01/27
...............................
3,250,000
3,668,992
Revenue,
2014
A,
Refunding,
5%,
1/01/28
...............................
4,500,000
5,070,471
Revenue,
2014
A,
Refunding,
5%,
1/01/29
...............................
4,045,000
4,559,994
Southeast
Missouri
State
University
,
Revenue,
2020,
Refunding,
4%,
4/01/33
.................................
2,745,000
3,170,903
Revenue,
2020,
Refunding,
4%,
4/01/34
.................................
2,180,000
2,513,809
Revenue,
2020,
Refunding,
4%,
4/01/35
.................................
1,575,000
1,812,889
Revenue,
2020,
Refunding,
4%,
4/01/36
.................................
3,205,000
3,680,708
Revenue,
2020,
Refunding,
4%,
4/01/37
.................................
2,000,000
2,291,847
42,396,522
Nebraska
0.1%
Nebraska
Public
Power
District
,
Revenue
,
2021
C
,
Refunding
,
5
%
,
1/01/24
........
4,500,000
4,936,221
Nevada
0.2%
Washoe
County
School
District
,
GO
,
2012
A
,
Refunding
,
5
%
,
6/01/25
............
6,130,000
6,274,051
New
Hampshire
0.2%
City
of
Manchester
,
General
Airport
,
Revenue
,
2012
A
,
Refunding
,
AGMC
Insured
,
5
%
,
1/01/25
.........................................................
7,930,000
7,959,539
New
Jersey
5.6%
County
of
Hudson
,
Hudson
County
Improvement
Authority,
Revenue,
2010,
Refunding,
AGMC
Insured,
5.375%,
10/01/22
................................................
5,220,000
5,441,972
Hudson
County
Improvement
Authority,
Revenue,
2010,
Refunding,
AGMC
Insured,
5.375%,
10/01/23
................................................
5,375,000
5,864,477
Hudson
County
Improvement
Authority,
Revenue,
2010,
Refunding,
AGMC
Insured,
5.375%,
10/01/24
................................................
2,050,000
2,332,756
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
34
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Economic
Development
Authority
,
Revenue,
1997
A,
NATL
Insured,
7.425%,
2/15/29
.........................
$
12,675,000
$
16,131,745
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2019
LLL,
5%,
6/15/39
1,000,000
1,234,837
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
AAA,
5%,
6/15/34
....
5,000,000
5,910,975
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey,
Revenue,
2016
B,
5%,
9/01/36
.......................
5,000,000
5,841,127
Stevens
Institute
of
Technology,
Revenue,
2020
A,
5%,
7/01/32
...............
420,000
533,972
Stevens
Institute
of
Technology,
Revenue,
2020
A,
5%,
7/01/33
...............
680,000
863,015
Stevens
Institute
of
Technology,
Revenue,
2020
A,
5%,
7/01/34
...............
545,000
690,372
Stevens
Institute
of
Technology,
Revenue,
2020
A,
5%,
7/01/35
...............
565,000
714,047
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Inspira
Health
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/30
...............
900,000
1,094,283
Inspira
Health
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/31
...............
1,080,000
1,311,399
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
Senior
Lien,
2020
A,
Refunding,
3.5%,
12/01/39
...................
4,300,000
4,566,369
Revenue,
Senior
Lien,
2020
B,
3.5%,
12/01/39
............................
2,000,000
2,123,893
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2006
A,
AGMC
Insured,
5.5%,
12/15/22
.........................
36,465,000
38,429,729
Revenue,
2012
AA,
AGMC
Insured,
5%,
6/15/26
..........................
26,650,000
27,331,323
Revenue,
2020
AA,
4%,
6/15/35
.......................................
2,000,000
2,344,820
Revenue,
2020
AA,
4%,
6/15/36
.......................................
4,000,000
4,674,691
c
Revenue,
2022
A,
4%,
6/15/40
........................................
10,000,000
11,559,156
c
Revenue,
2022
A,
4%,
6/15/42
........................................
7,000,000
8,040,266
New
Jersey
Turnpike
Authority
,
Revenue
,
2021
A
,
4
%
,
1/01/42
.................
1,800,000
2,146,763
Newark
Board
of
Education
,
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/26
..........................
275,000
326,388
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/27
..........................
330,000
401,006
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/28
..........................
325,000
404,548
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/29
..........................
320,000
406,775
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/30
..........................
200,000
259,309
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/31
..........................
400,000
529,171
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/32
..........................
430,000
567,344
Rutgers
The
State
University
of
New
Jersey
,
Revenue,
2013
J,
Pre-Refunded,
5%,
5/01/26
............................
5,000,000
5,337,413
Revenue,
2013
J,
Pre-Refunded,
5%,
5/01/27
............................
16,100,000
17,186,470
State
of
New
Jersey
,
GO,
2020
A,
4%,
6/01/31
............................................
7,000,000
8,617,039
GO,
2020
A,
3%,
6/01/32
............................................
20,870,000
23,791,199
GO,
2020
A,
4%,
6/01/32
............................................
6,130,000
7,626,757
214,635,406
New
Mexico
0.3%
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2016
A
,
Refunding
,
2.15
%
,
4/01/33
...................................................
13,500,000
13,417,696
New
York
10.1%
City
of
New
York
,
GO,
2013
D,
5%,
8/01/27
............................................
10,000,000
10,545,313
GO,
2013
I,
5%,
8/01/24
.............................................
10,200,000
10,991,194
GO,
2014
G,
5%,
8/01/22
............................................
8,000,000
8,258,107
GO,
2014
G,
5%,
8/01/23
............................................
6,860,000
7,402,889
GO,
2015
C,
Refunding,
5%,
8/01/25
...................................
2,000,000
2,284,239
GO,
2015
C,
Refunding,
5%,
8/01/26
...................................
10,000,000
11,404,224
GO,
2015
C,
Refunding,
5%,
8/01/27
...................................
7,500,000
8,543,001
GO,
2019
E,
Refunding,
5%,
8/01/32
...................................
2,000,000
2,506,993
GO,
2019
E,
Refunding,
5%,
8/01/34
...................................
3,500,000
4,370,774
GO,
2021
C,
4%,
8/01/36
............................................
5,000,000
5,997,449
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
35
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
City
of
New
York,
(continued)
GO,
A-1
2017
A,
5%,
8/01/29
.........................................
$
10,000,000
$
11,929,297
County
of
Nassau
,
GO,
2021
A,
AGMC
Insured,
4%,
4/01/48
................................
7,140,000
8,401,023
GO,
2021
A,
AGMC
Insured,
4%,
4/01/49
................................
7,960,000
9,340,705
Erie
County
Industrial
Development
Agency
(The)
,
Buffalo
City
School
District,
Revenue,
2012
A,
Refunding,
5%,
5/01/23
..........
6,235,000
6,358,292
Buffalo
City
School
District,
Revenue,
2012
A,
Refunding,
5%,
5/01/24
..........
8,000,000
8,160,045
Long
Island
Power
Authority
,
Revenue
,
2012
B
,
5
%
,
9/01/26
...................
5,000,000
5,177,878
Metropolitan
Transportation
Authority
,
Revenue,
2012
F,
Refunding,
5%,
11/15/25
..............................
25,000,000
26,090,738
Revenue,
2013
A,
Pre-Refunded,
5%,
11/15/27
...........................
3,500,000
3,740,554
b
Revenue,
2015
A-2,
Mandatory
Put,
5%,
5/15/30
..........................
7,000,000
8,917,650
Revenue,
2016
A-2,
Refunding,
5%,
11/15/25
.............................
21,090,000
24,512,951
Revenue,
2016
B,
Refunding,
5%,
11/15/34
..............................
3,265,000
3,811,082
Revenue,
2017
B,
Refunding,
5%,
11/15/26
..............................
2,140,000
2,552,974
Revenue,
2017
C-1,
Refunding,
5%,
11/15/31
............................
1,870,000
2,261,945
Revenue,
2017
C-1,
Refunding,
4%,
11/15/37
............................
2,500,000
2,818,192
Revenue,
2019
D-1,
5%,
9/01/22
......................................
10,000,000
10,348,946
Revenue,
2020
A-1,
AGMC
Insured,
4%,
11/15/41
.........................
6,045,000
7,115,536
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
5%,
1/01/27
1,000,000
1,207,147
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
5%,
1/01/28
1,000,000
1,237,815
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
5%,
1/01/29
1,500,000
1,900,120
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
3%,
1/01/46
10,000,000
10,523,146
Yankee
Stadium
LLC,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
3%,
3/01/36
..
2,500,000
2,711,742
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured,
Revenue,
2014
D-1,
5%,
2/01/27
......................
8,740,000
9,585,701
Future
Tax
Secured,
Revenue,
2014
D-1,
5%,
2/01/28
......................
5,000,000
5,482,671
Future
Tax
Secured,
Revenue,
2020
C,
4%,
5/01/37
........................
1,400,000
1,682,895
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
0.95
%
,
11/15/27
2,340,000
2,317,176
New
York
State
Dormitory
Authority
,
Revenue,
2009
A,
AGMC
Insured,
5%,
10/01/24
...........................
220,000
220,865
City
University
of
New
York
(The),
Revenue,
2005
A,
NATL
Insured,
5.5%,
7/01/23
.
7,915,000
8,573,551
Northwell
Health
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
5/01/29
....
10,000,000
11,407,718
State
of
New
York
Personal
Income
Tax,
Revenue,
2012
A,
Refunding,
5%,
12/15/27
10,000,000
10,492,252
State
of
New
York
Personal
Income
Tax,
Revenue,
2014
E,
Refunding,
5%,
2/15/30
5,000,000
5,694,272
State
of
New
York
Personal
Income
Tax,
Revenue,
2015
A,
Refunding,
5%,
3/15/28
7,185,000
8,218,500
State
of
New
York
Personal
Income
Tax,
Revenue,
2018
A,
Pre-Refunded,
5%,
3/15/32
........................................................
5,000
6,338
State
of
New
York
Personal
Income
Tax,
Revenue,
2018
A,
5%,
3/15/32
.........
9,995,000
12,593,434
State
of
New
York
Personal
Income
Tax,
Revenue,
2019
D,
Refunding,
4%,
2/15/36
10,900,000
12,965,785
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Refunding,
5%,
3/15/32
........
10,000,000
12,629,669
State
University
Construction
Fund,
Revenue,
2012
A,
5%,
5/15/24
............
7,000,000
7,153,118
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax,
Revenue,
2013
D,
5%,
3/15/24
.........
10,000,000
10,615,570
State
of
New
York
Personal
Income
Tax,
Revenue,
2020
A,
5%,
3/15/41
.........
5,000,000
6,417,542
New
York
Transportation
Development
Corp.
,
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/34
...
450,000
568,913
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/35
...
400,000
503,910
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/36
...
200,000
251,388
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/33
...
1,200,000
1,528,424
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
2014,
5%,
9/01/34
.........................................
2,500,000
3,117,453
Revenue,
2014,
5%,
9/01/35
.........................................
20,000
24,873
Revenue,
2018,
5%,
11/01/39
........................................
3,000,000
3,711,611
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
36
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Port
Authority
of
New
York
&
New
Jersey,
(continued)
Revenue,
221,
4%,
7/15/36
..........................................
$
2,180,000
$
2,578,049
Triborough
Bridge
&
Tunnel
Authority
,
Revenue
,
B
,
Refunding
,
5
%
,
11/15/30
.......
8,960,000
10,905,339
Troy
Capital
Resource
Corp.
,
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/28
......
1,300,000
1,617,128
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/30
......
2,900,000
3,755,504
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/34
......
4,175,000
5,361,657
391,403,267
North
Carolina
0.5%
City
of
Charlotte
,
Water
&
Sewer
System
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/27
..
10,000,000
11,567,139
County
of
Buncombe
,
Revenue
,
A
,
5
%
,
6/01/28
.............................
5,000,000
5,563,483
North
Carolina
State
Education
Assistance
Authority
,
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/25
..............................
125,000
141,170
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/26
..............................
300,000
347,190
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/27
..............................
450,000
531,476
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/28
..............................
500,000
600,530
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/29
..............................
350,000
426,222
Revenue,
Senior
Lien,
2020
A,
3.125%,
6/01/39
...........................
870,000
883,688
20,060,898
North
Dakota
0.2%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/29
..
1,600,000
2,024,947
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/30
..
1,600,000
2,058,391
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/31
..
1,300,000
1,697,561
5,780,899
Ohio
4.8%
American
Municipal
Power,
Inc.
,
Revenue
,
2019
B
,
Refunding
,
5
%
,
2/15/35
........
31,270,000
39,884,926
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien,
2020
A-1,
1,
Refunding,
2%,
6/01/27
..................
1,475,000
1,478,195
Revenue,
Senior
Lien,
2020
A-2,
1,
Refunding,
4%,
6/01/48
..................
7,000,000
7,919,340
City
of
Akron
,
Community
Learning
Center,
Revenue,
2012
A,
Refunding,
5%,
12/01/24
........
5,265,000
5,390,598
Community
Learning
Center,
Revenue,
2012
A,
Refunding,
5%,
12/01/25
........
6,645,000
6,803,518
Community
Learning
Center,
Revenue,
2012
A,
Refunding,
5%,
12/01/26
........
8,240,000
8,436,568
City
of
Cincinnati
,
GO,
2014
A,
Pre-Refunded,
5%,
12/01/25
...............................
2,000,000
2,048,219
GO,
2014
A,
Pre-Refunded,
5%,
12/01/27
...............................
2,000,000
2,048,219
GO,
2014
A,
Pre-Refunded,
5%,
12/01/28
...............................
2,350,000
2,406,658
City
of
Toledo
,
Water
System,
Revenue,
2013,
Refunding,
5%,
11/15/25
....................
4,000,000
4,266,197
Water
System,
Revenue,
2013,
Refunding,
5%,
11/15/26
....................
6,140,000
6,544,900
Water
System,
Revenue,
2013,
Refunding,
5%,
11/15/27
....................
6,450,000
6,871,445
Water
System,
Revenue,
2013,
Refunding,
5%,
11/15/28
....................
6,570,000
6,999,286
County
of
Hamilton
,
Sewer
System,
Revenue,
2013
A,
Refunding,
5%,
12/01/24
..................
2,500,000
2,731,990
Sewer
System,
Revenue,
2013
A,
Refunding,
5%,
12/01/25
..................
2,400,000
2,621,701
Sewer
System,
Revenue,
2013
A,
Refunding,
5%,
12/01/26
..................
4,000,000
4,363,616
Sewer
System,
Revenue,
2013
A,
Refunding,
5%,
12/01/27
..................
5,000,000
5,451,372
Sewer
System,
Revenue,
2013
A,
Refunding,
5%,
12/01/28
..................
3,000,000
3,269,565
Kent
State
University
,
Revenue,
2012
A,
Pre-Refunded,
5%,
5/01/23
............................
1,200,000
1,224,108
Revenue,
2012
A,
Pre-Refunded,
5%,
5/01/24
............................
1,500,000
1,530,136
Revenue,
2012
A,
Pre-Refunded,
5%,
5/01/25
............................
1,500,000
1,530,135
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
37
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Kent
State
University,
(continued)
Revenue,
2012
A,
Pre-Refunded,
5%,
5/01/26
............................
$
1,600,000
$
1,632,145
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue
,
1998
A
,
Refunding
,
NATL
Insured
,
5.5
%
,
2/15/24
..............................................
10,000,000
10,631,911
Ohio
Water
Development
Authority
,
Revenue,
2019,
5%,
12/01/36
........................................
5,650,000
7,326,342
Water
Pollution
Control
Loan
Fund,
Revenue,
2017
A,
5%,
12/01/31
............
10,000,000
12,256,559
State
of
Ohio
,
GO,
R,
Pre-Refunded,
5%,
5/01/26
....................................
11,000,000
12,223,539
GO,
R,
Pre-Refunded,
5%,
5/01/27
....................................
5,000,000
5,556,154
GO,
R,
Pre-Refunded,
5%,
5/01/28
....................................
9,100,000
10,112,200
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
11/15/35
1,000,000
1,250,232
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/36
905,000
1,043,687
185,853,461
Oregon
3.5%
City
of
Portland
,
Water
System
,
Revenue,
Second
Lien
,
2013
A
,
Refunding
,
5
%
,
10/01/25
........................................................
5,000,000
5,307,723
Clackamas
County
School
District
No.
12
North
Clackamas
,
GO
,
B
,
5
%
,
6/15/32
....
3,725,000
4,549,960
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/35
...
5,240,000
6,637,844
Hillsboro
School
District
No.
1J
,
GO,
2020,
4%,
6/15/35
.............................................
1,250,000
1,517,995
GO,
2020,
4%,
6/15/36
.............................................
2,605,000
3,156,947
GO,
2020,
4%,
6/15/37
.............................................
4,370,000
5,284,030
GO,
2020,
4%,
6/15/38
.............................................
4,575,000
5,521,978
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/34
1,100,000
1,419,589
Asante
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/35
800,000
1,030,863
Asante
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/36
1,300,000
1,669,619
Oregon
State
Facilities
Authority
,
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/25
.......................................................
425,000
493,022
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/26
.......................................................
150,000
179,255
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/28
.......................................................
325,000
406,707
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/29
.......................................................
600,000
764,778
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/35
.......................................................
275,000
348,360
Willamette
University,
Revenue,
2021
A,
Refunding,
4%,
10/01/51
.............
2,000,000
2,279,857
Port
of
Portland
,
Airport,
Revenue,
Twenty-Seven
A,
5%,
7/01/34
...........................
9,110,000
11,539,983
Airport,
Revenue,
Twenty-Seven
A,
5%,
7/01/35
...........................
6,565,000
8,302,833
Salem
Hospital
Facility
Authority
,
Salem
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
5/15/33
.......
9,440,000
11,933,380
Salem
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
5/15/34
.......
3,780,000
4,770,638
Salem
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
5/15/35
.......
9,010,000
11,354,018
State
of
Oregon
,
Department
of
Transportation,
Revenue,
Senior
Lien,
2014
A,
Pre-Refunded,
5%,
11/15/27
.......................................................
3,000,000
3,409,323
Department
of
Transportation,
Revenue,
Senior
Lien,
2014
A,
Pre-Refunded,
5%,
11/15/28
.......................................................
3,500,000
3,977,544
Department
of
Transportation,
Revenue,
Sub.
Lien,
2019
A,
Refunding,
4%,
11/15/42
16,000,000
19,012,782
Washington
&
Multnomah
Counties
School
District
No.
48J
Beaverton
,
GO,
B,
Pre-Refunded,
5%,
6/15/27
.....................................
5,000,000
5,591,083
GO,
B,
Pre-Refunded,
5%,
6/15/28
.....................................
5,000,000
5,591,084
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
38
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Washington
&
Multnomah
Counties
School
District
No.
48J
Beaverton,
(continued)
GO,
B,
Pre-Refunded,
5%,
6/15/29
.....................................
$
7,500,000
$
8,386,625
134,437,820
Pennsylvania
3.1%
Allegheny
County
Hospital
Development
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/15/34
.......................................
5,000,000
6,307,251
c
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue,
2022,
Refunding,
5%,
5/01/28
.................................
600,000
718,180
Revenue,
2022,
Refunding,
5%,
5/01/29
.................................
600,000
730,676
Revenue,
2022,
Refunding,
5%,
5/01/30
.................................
700,000
865,007
Revenue,
2022,
Refunding,
5%,
5/01/31
.................................
675,000
847,098
City
of
Philadelphia
,
Water
&
Wastewater,
Revenue,
2017
B,
Refunding,
5%,
11/01/31
..............
5,750,000
7,070,180
Water
&
Wastewater,
Revenue,
2020
A,
Refunding,
5%,
11/01/36
..............
1,000,000
1,303,390
Water
&
Wastewater,
Revenue,
2020
A,
Refunding,
5%,
11/01/37
..............
1,500,000
1,950,646
Water
&
Wastewater,
Revenue,
2020
A,
Refunding,
5%,
11/01/38
..............
2,000,000
2,596,140
Commonwealth
of
Pennsylvania
,
GO,
Second
Series
,
2013
,
5
%
,
10/15/26
.........
13,375,000
14,545,449
Delaware
Valley
Regional
Finance
Authority
,
Revenue
,
1998
A
,
AMBAC
Insured
,
5.5
%
,
8/01/28
.........................................................
7,000,000
8,961,527
Lancaster
County
Solid
Waste
Management
Authority
,
Revenue,
2013
A,
5.25%,
12/15/25
....................................
5,345,000
5,885,382
Revenue,
2013
A,
5.25%,
12/15/26
....................................
5,835,000
6,421,146
Pennsylvania
Economic
Development
Financing
Authority
,
UPMC
Obligated
Group,
Revenue,
2020
A,
5%,
4/15/33
.....................
2,100,000
2,696,617
UPMC
Obligated
Group,
Revenue,
2020
A,
5%,
4/15/34
.....................
1,750,000
2,243,238
UPMC
Obligated
Group,
Revenue,
2020
A,
5%,
4/15/35
.....................
1,450,000
1,855,439
UPMC
Obligated
Group,
Revenue,
2020
A,
4%,
4/15/38
.....................
3,245,000
3,834,092
UPMC
Obligated
Group,
Revenue,
2020
A,
4%,
4/15/39
.....................
3,685,000
4,345,454
b
Waste
Management,
Inc.,
Revenue,
2017
A,
Mandatory
Put,
0.58%,
8/01/24
.....
5,500,000
5,486,946
b
Waste
Management,
Inc.,
Revenue,
2021
B,
Refunding,
Mandatory
Put,
1.1%,
11/02/26
.......................................................
6,750,000
6,777,587
Pennsylvania
Higher
Educational
Facilities
Authority
,
Drexel
University,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
5%,
5/01/38
.....
6,950,000
8,805,104
University
of
Pennsylvania
Health
System
Obligated
Group
(The),
Revenue,
2017
A,
4%,
8/15/34
....................................................
5,895,000
6,764,812
Pennsylvania
State
University
(The)
,
Revenue
,
A
,
5
%
,
9/01/30
.................
4,000,000
4,920,534
Philadelphia
Authority
for
Industrial
Development
,
City
of
Philadelphia,
Revenue,
1999
B,
AMBAC
Insured,
Zero
Cpn.,
4/15/24
......
5,500,000
5,334,903
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/30
............
200,000
235,309
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/40
............
300,000
365,214
Philadelphia
Gas
Works
Co.
,
Revenue,
15th,
Refunding,
5%,
8/01/30
.................................
2,000,000
2,432,307
Revenue,
15th,
Refunding,
5%,
8/01/31
.................................
4,030,000
4,895,158
119,194,786
Rhode
Island
0.2%
State
of
Rhode
Island
,
GO,
2019
C,
5%,
1/15/32
............................................
4,500,000
5,705,698
GO,
2019
C,
4%,
1/15/34
............................................
1,520,000
1,809,645
GO,
2019
C,
4%,
1/15/35
............................................
600,000
713,089
8,228,432
South
Carolina
1.7%
City
of
Anderson
,
Water
&
Sewer,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
7/01/22
........
2,555,000
2,625,469
Water
&
Sewer,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
7/01/23
........
2,695,000
2,769,972
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
39
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
(continued)
City
of
Anderson,
(continued)
Water
&
Sewer,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
7/01/24
........
$
2,825,000
$
2,903,588
Water
&
Sewer,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
7/01/25
........
2,965,000
3,047,483
County
of
Berkeley
,
Combined
Utility
System,
Revenue,
2013,
Pre-Refunded,
5%,
6/01/25
..........
3,665,000
3,923,549
Combined
Utility
System,
Revenue,
2013,
Pre-Refunded,
5%,
6/01/26
..........
1,700,000
1,819,927
County
of
Richland
,
International
Paper
Co.,
Revenue,
2014
A,
Refunding,
3.875%,
4/01/23
.........
10,000,000
10,441,643
e
Village
at
Sandhill
Improvement
District,
Special
Assessment,
144A,
2021,
Refunding,
3.625%,
11/01/31
.......................................
1,000,000
1,006,487
South
Carolina
Jobs-Economic
Development
Authority
,
Prisma
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
5/01/33
...............................
6,000,000
7,319,366
South
Carolina
Public
Service
Authority
,
Revenue,
2020
A,
Refunding,
5%,
12/01/31
..............................
2,355,000
3,079,463
Revenue,
2020
A,
Refunding,
5%,
12/01/43
..............................
20,280,000
25,848,361
Revenue,
2021
A,
Refunding,
5%,
12/01/25
..............................
1,000,000
1,173,791
Revenue,
2021
A,
Refunding,
5%,
12/01/26
..............................
750,000
906,577
66,865,676
South
Dakota
0.1%
County
of
Lincoln
,
Augustana
College
Association
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/01/51
......................................................
1,500,000
1,672,559
South
Dakota
Health
&
Educational
Facilities
Authority
,
Presbyterian
Retirement
Village
of
Rapid
City,
Inc.
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/41
..................
1,150,000
1,168,441
2,841,000
Tennessee
1.0%
Chattanooga
Health
Educational
&
Housing
Facility
Board
,
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/31
1,500,000
1,905,844
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/34
1,000,000
1,258,648
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/35
1,250,000
1,571,121
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
4%,
8/01/36
1,000,000
1,175,415
City
of
Memphis
,
GO
,
2012
A
,
Refunding
,
5
%
,
4/01/22
.......................
15,805,000
16,057,252
Metropolitan
Government
of
Nashville
&
Davidson
County
,
Water
&
Sewer,
Revenue,
2013,
Pre-Refunded,
5%,
7/01/26
.................
1,675,000
1,799,496
Water
&
Sewer,
Revenue,
2013,
Pre-Refunded,
5%,
7/01/27
.................
1,800,000
1,933,786
b
Tennessee
Energy
Acquisition
Corp.
,
Revenue
,
2021
A
,
Mandatory
Put
,
5
%
,
11/01/31
4,000,000
5,177,175
Tennessee
State
School
Bond
Authority
,
Revenue
,
2015
B
,
5
%
,
11/01/28
.........
8,180,000
9,551,658
40,430,395
Texas
9.2%
Abilene
Convention
Center
Hotel
Development
Corp.
,
City
of
Abilene
Abilene
Convention
Center
,
Revenue,
First
Lien
,
2021
A
,
2.5
%
,
10/01/31
..............
1,075,000
1,112,111
Central
Texas
Regional
Mobility
Authority
,
Revenue,
Senior
Lien
,
2021
B
,
5
%
,
1/01/46
3,500,000
4,402,116
City
of
Austin
,
Water
&
Wastewater
System,
Revenue,
2012,
Refunding,
5%,
11/15/26
.........
4,835,000
5,057,049
Water
&
Wastewater
System,
Revenue,
2012,
Refunding,
5%,
11/15/27
.........
4,000,000
4,182,125
Water
&
Wastewater
System,
Revenue,
2013
A,
Refunding,
5%,
11/15/28
.......
5,000,000
5,337,287
City
of
Dallas
,
Waterworks
&
Sewer
System,
Revenue,
2017,
Refunding,
5%,
10/01/30
........
1,500,000
1,853,327
Waterworks
&
Sewer
System,
Revenue,
2017,
Refunding,
5%,
10/01/31
........
2,500,000
3,084,253
Waterworks
&
Sewer
System,
Revenue,
2017,
Refunding,
5%,
10/01/32
........
1,000,000
1,232,426
City
of
El
Paso
,
GO,
2020
A,
Refunding,
4%,
8/15/35
...................................
1,000,000
1,190,248
GO,
2020
A,
Refunding,
4%,
8/15/36
...................................
1,000,000
1,188,225
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
40
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Fort
Worth
,
GO,
2012,
Refunding,
5%,
3/01/25
.....................................
$
6,000,000
$
6,071,522
GO,
2012,
Refunding,
5%,
3/01/26
.....................................
6,790,000
6,870,251
City
of
Houston
,
Combined
Utility
System,
Revenue,
First
Lien,
2014
C,
Refunding,
5%,
5/15/24
...
5,000,000
5,568,290
Combined
Utility
System,
Revenue,
First
Lien,
2014
C,
Refunding,
5%,
5/15/26
...
19,690,000
21,917,658
Combined
Utility
System,
Revenue,
First
Lien,
2017
B,
Refunding,
5%,
11/15/34
..
3,250,000
4,013,486
Combined
Utility
System,
Revenue,
First
Lien,
2017
B,
Refunding,
5%,
11/15/35
..
4,500,000
5,551,923
City
of
San
Antonio
,
Electric
&
Gas
Systems,
Revenue,
2012,
Refunding,
5.25%,
2/01/25
...........
27,000,000
31,085,835
Electric
&
Gas
Systems,
Revenue,
2015,
Refunding,
5%,
2/01/27
..............
10,415,000
12,257,674
Electric
&
Gas
Systems,
Revenue,
Junior
Lien,
2019,
Refunding,
5%,
2/01/35
....
4,400,000
5,657,928
Electric
&
Gas
Systems,
Revenue,
Junior
Lien,
2021
A,
Refunding,
5%,
2/01/46
...
7,500,000
9,514,257
Clear
Creek
Independent
School
District
,
GO
,
2012
B
,
Pre-Refunded
,
5
%
,
2/15/26
..
12,060,000
12,179,012
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel,
Revenue,
First
Lien,
2021
A,
2.5%,
10/01/31
....
500,000
500,461
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/30
....
100,000
128,651
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/31
....
60,000
78,302
County
of
Williamson
,
GO
,
2012
,
Refunding
,
5
%
,
2/15/23
.....................
6,235,000
6,296,053
Dallas
Fort
Worth
International
Airport
,
Revenue,
2013
D,
Refunding,
5.25%,
11/01/27
............................
5,000,000
5,471,338
Revenue,
2013
D,
Refunding,
5.25%,
11/01/28
............................
2,100,000
2,296,689
Ector
County
Hospital
District
,
GO,
2020,
Refunding,
5%,
9/15/29
.....................................
800,000
961,036
GO,
2020,
Refunding,
5%,
9/15/30
.....................................
745,000
907,003
GO,
2020,
Refunding,
5%,
9/15/31
.....................................
450,000
546,648
GO,
2020,
Refunding,
5%,
9/15/32
.....................................
600,000
728,299
GO,
2020,
Refunding,
5%,
9/15/33
.....................................
650,000
787,081
GO,
2020,
Refunding,
4%,
9/15/34
.....................................
650,000
725,440
GO,
2020,
Refunding,
4%,
9/15/35
.....................................
700,000
780,092
El
Paso
Independent
School
District
,
GO,
2015,
Pre-Refunded,
PSF
Guaranty,
5%,
8/15/27
......................
5,460,000
6,129,719
GO,
2015,
Pre-Refunded,
PSF
Guaranty,
5%,
8/15/28
......................
2,500,000
2,806,648
Harris
County
Toll
Road
Authority
(The)
,
Revenue,
Senior
Lien,
2018
A,
Refunding,
5%,
8/15/32
.....................
2,500,000
3,100,681
Revenue,
Senior
Lien,
2018
A,
Refunding,
5%,
8/15/33
.....................
2,500,000
3,100,067
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO,
2021,
2%,
9/01/28
.............................................
155,000
153,332
GO,
2021,
2%,
9/01/29
.............................................
155,000
151,818
Lower
Colorado
River
Authority
,
LCRA
Transmission
Services
Corp.,
Revenue,
2021,
Refunding,
5%,
5/15/27
.....
2,000,000
2,443,039
LCRA
Transmission
Services
Corp.,
Revenue,
2021,
Refunding,
5%,
5/15/28
.....
2,200,000
2,754,504
LCRA
Transmission
Services
Corp.,
Revenue,
2021,
Refunding,
5%,
5/15/29
.....
2,000,000
2,553,656
Metropolitan
Transit
Authority
of
Harris
County
,
Sales
&
Use
Tax,
Revenue,
2014,
Pre-Refunded,
5%,
11/01/26
...............
2,000,000
2,269,304
Sales
&
Use
Tax,
Revenue,
2014,
Pre-Refunded,
5%,
11/01/27
...............
2,000,000
2,269,303
Sales
&
Use
Tax,
Revenue,
2014,
Pre-Refunded,
5%,
11/01/28
...............
2,000,000
2,269,304
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System
,
Revenue,
First
Tier
,
A
,
Refunding
,
4
%
,
1/01/33
.............................................
5,000,000
5,683,900
Northwest
Independent
School
District
,
GO,
2015
A,
Pre-Refunded,
PSF
Guaranty,
5%,
2/15/28
.....................
4,815,000
5,518,934
GO,
2015
A,
Pre-Refunded,
PSF
Guaranty,
5%,
2/15/29
.....................
7,015,000
8,040,566
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
41
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Permanent
University
Fund
,
University
of
Texas
System
,
Revenue
,
2014
B
,
Refunding
,
5
%
,
7/01/27
......................................................
$
10,000,000
$
11,173,374
San
Angelo
Independent
School
District
,
GO
,
A
,
Pre-Refunded
,
PSF
Guaranty
,
5
%
,
2/15/28
.........................................................
5,220,000
5,749,908
San
Antonio
Education
Facilities
Corp.
,
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/37
......
635,000
735,415
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/39
......
2,435,000
2,808,626
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/40
......
2,000,000
2,302,693
San
Antonio
Water
System
,
Revenue,
Junior
Lien,
2014
A,
Refunding,
5%,
5/15/24
......................
1,500,000
1,637,773
Revenue,
Junior
Lien,
2014
A,
Refunding,
5%,
5/15/26
......................
2,200,000
2,397,995
Revenue,
Junior
Lien,
2014
A,
Refunding,
5%,
5/15/28
......................
2,000,000
2,177,531
Revenue,
Junior
Lien,
2014
A,
Refunding,
5%,
5/15/29
......................
1,000,000
1,088,561
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue,
2021,
Refunding,
5%,
12/15/27
................................
1,000,000
1,216,118
Revenue,
2021,
Refunding,
5%,
12/15/28
................................
1,500,000
1,854,713
Revenue,
2021,
Refunding,
5%,
12/15/29
................................
8,250,000
10,349,486
Revenue,
2021,
Refunding,
5%,
12/15/30
................................
7,250,000
9,250,020
Revenue,
2021,
Refunding,
5%,
12/15/32
................................
2,250,000
2,969,172
Texas
Transportation
Commission
,
State
Highway
Fund,
Revenue,
First
Tier,
2014
A,
Refunding,
5%,
4/01/23
.......
20,000,000
21,275,238
State
Highway
Fund,
Revenue,
First
Tier,
2014
A,
Refunding,
5%,
4/01/24
.......
20,000,000
22,165,404
State
Highway
Fund,
Revenue,
First
Tier,
2014
A,
Refunding,
5%,
4/01/25
.......
20,000,000
22,185,206
Texas
Water
Development
Board
,
State
Water
Implementation
Revenue
Fund
for
Texas
,
Revenue
,
2017
A
,
5
%
,
10/15/31
.................................
12,585,000
15,560,079
355,676,183
Utah
0.1%
City
of
Lehi
,
Sales
Tax
,
Revenue
,
2021
,
AGMC
Insured
,
4
%
,
2/01/48
.............
3,000,000
3,573,933
Utah
Infrastructure
Agency
,
Revenue
,
2021
,
4
%
,
10/15/35
.....................
400,000
468,783
4,042,716
Virginia
2.6%
City
of
Norfolk
,
Water,
Revenue,
2012,
5%,
11/01/24
...................................
95,000
96,905
Water,
Revenue,
2012,
5%,
11/01/25
...................................
90,000
91,800
City
of
Richmond
,
Public
Utility
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/15/32
........
10,000,000
11,770,666
Virginia
College
Building
Authority
,
Revenue
,
2015
D
,
5
%
,
2/01/25
...............
7,405,000
8,469,985
Virginia
Commonwealth
Transportation
Board
,
Revenue
,
2019
,
3
%
,
5/15/36
.......
9,460,000
10,511,863
Virginia
Public
Building
Authority
,
Revenue,
B,
Pre-Refunded,
4%,
8/01/29
................................
1,075,000
1,240,520
Revenue,
B,
4%,
8/01/29
............................................
12,060,000
13,828,326
Virginia
Public
School
Authority
,
Revenue
,
2014
C
,
5
%
,
8/01/27
.................
4,460,000
5,003,035
Virginia
Resources
Authority
,
Clean
Water
Revolving
Fund,
Revenue,
2014
B,
Refunding,
5%,
10/01/26
.......
26,155,000
29,590,023
Clean
Water
Revolving
Fund,
Revenue,
2015,
Refunding,
5%,
10/01/28
.........
11,950,000
14,011,046
Virginia
Small
Business
Financing
Authority
,
National
Senior
Campuses,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
1/01/35
........................................................
3,000,000
3,656,247
National
Senior
Campuses,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
1/01/36
........................................................
3,000,000
3,450,831
101,721,247
Washington
4.5%
City
of
Seattle
,
Drainage
&
Wastewater,
Revenue,
2014,
Refunding,
5%,
5/01/24
..............
5,230,000
5,815,492
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
42
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
(continued)
City
of
Seattle,
(continued)
Drainage
&
Wastewater,
Revenue,
2014,
Refunding,
5%,
5/01/25
..............
$
5,500,000
$
6,111,488
Drainage
&
Wastewater,
Revenue,
2014,
Refunding,
5%,
5/01/26
..............
2,995,000
3,323,380
Drainage
&
Wastewater,
Revenue,
2014,
Refunding,
5%,
5/01/27
..............
3,150,000
3,490,543
Municipal
Light
&
Power,
Revenue,
2017
C,
Refunding,
4%,
9/01/34
............
5,300,000
6,132,021
County
of
King
,
d
GO,
2021
C,
0.61%,
12/01/23
........................................
7,130,000
7,129,430
d
GO,
2021
C,
1.01%,
12/01/24
........................................
9,405,000
9,415,030
Sewer,
Revenue,
2014
B,
Refunding,
5%,
7/01/25
.........................
1,200,000
1,341,464
Sewer,
Revenue,
2014
B,
Refunding,
5%,
7/01/26
.........................
1,200,000
1,340,146
Sewer,
Revenue,
2014
B,
Refunding,
5%,
7/01/27
.........................
1,900,000
2,118,254
Sewer,
Revenue,
2014
B,
Refunding,
5%,
7/01/28
.........................
3,050,000
3,395,350
Sewer,
Revenue,
2014
B,
Pre-Refunded,
5%,
7/01/29
......................
2,600,000
2,908,649
Energy
Northwest
,
Bonneville
Power
Administration,
Revenue,
2014
A,
Refunding,
5%,
7/01/22
......
3,250,000
3,341,574
Bonneville
Power
Administration,
Revenue,
2019
A,
Refunding,
5%,
7/01/36
......
7,000,000
8,885,726
Bonneville
Power
Administration,
Revenue,
A,
Refunding,
5%,
7/01/23
..........
3,500,000
3,760,719
Bonneville
Power
Administration,
Revenue,
A,
Refunding,
5%,
7/01/24
..........
1,250,000
1,398,045
Seattle
Housing
Authority
,
Yesler
Block
7.3
LLLP
,
Revenue
,
2021
,
1
%
,
6/01/25
.....
7,225,000
7,252,494
State
of
Washington
,
GO,
2017
D,
5%,
2/01/31
............................................
5,480,000
6,623,452
GO,
2017
D,
5%,
2/01/32
............................................
10,000,000
12,063,561
GO,
R-2015B,
Refunding,
5%,
7/01/25
..................................
29,370,000
32,864,613
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/35
2,620,000
3,293,070
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/30
2,800,000
3,570,245
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/31
3,700,000
4,701,082
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/32
1,500,000
1,899,250
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/33
1,395,000
1,761,222
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/34
1,225,000
1,541,843
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/36
5,125,000
6,422,227
Overlake
Hospital
Medical
Center
Obligated
Group,
Revenue,
B,
Refunding,
5%,
7/01/30
........................................................
1,000,000
1,228,661
Overlake
Hospital
Medical
Center
Obligated
Group,
Revenue,
B,
Refunding,
5%,
7/01/31
........................................................
1,925,000
2,357,987
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/38
........................................................
1,000,000
1,274,894
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/39
........................................................
1,000,000
1,272,369
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/40
........................................................
1,000,000
1,270,226
e
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
144A,
2021,
3%,
12/01/35
440,000
484,749
Virginia
Mason
Medical
Center
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/15/31
........................................................
2,250,000
2,663,477
Virginia
Mason
Medical
Center
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/15/32
........................................................
1,605,000
1,896,872
Virginia
Mason
Medical
Center
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/15/35
........................................................
2,400,000
2,826,225
Washington
State
Housing
Finance
Commission
,
Revenue
,
2021-1
,
A
,
3.5
%
,
12/20/35
6,950,940
8,063,864
175,239,694
West
Virginia
0.3%
State
of
West
Virginia
,
GO
,
2019
A
,
5
%
,
12/01/36
...........................
9,700,000
12,341,444
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
43
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
1.4%
City
of
Milwaukee
,
Sewerage
System
,
Revenue
,
2021
S-2
,
Refunding
,
3
%
,
6/01/46
..
$
4,600,000
$
5,056,056
Public
Finance
Authority
,
2017
IAVF
Rubix
LLC,
Revenue,
2020
A,
3.5%,
12/01/32
....................
1,405,000
1,442,368
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
11/15/37
.......................................................
600,000
698,196
e
Affordable
Housing
Preservation
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
.................................................
18,100,000
18,100,000
Appalachian
Regional
Healthcare
System
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/46
........................................................
1,100,000
1,274,265
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2021
A,
4%,
7/01/29
..........
285,000
324,644
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2021
A,
4%,
7/01/30
..........
200,000
226,475
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2021
A,
4%,
7/01/31
..........
200,000
225,629
Renown
Regional
Medical
Center,
Revenue,
2020
A,
Refunding,
4%,
6/01/35
.....
2,100,000
2,494,625
d
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/27
...........................................
195,000
224,705
d
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/28
...........................................
250,000
290,958
d
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/29
...........................................
320,000
375,022
d
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/30
...........................................
265,000
310,471
b,e
WV
2020
Holdings
LLC
Obligated
Group,
Revenue,
144A,
2020
A-1,
Mandatory
Put,
3.5%,
12/01/35
..................................................
9,700,000
9,866,067
Wisconsin
Department
of
Transportation
,
Revenue
,
2017-2
,
Refunding
,
5
%
,
7/01/31
.
5,000,000
6,135,224
Wisconsin
Health
&
Educational
Facilities
Authority
,
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
2/15/34
........................................
600,000
711,189
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
2/15/35
........................................
1,000,000
1,183,071
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
2/15/36
........................................
600,000
708,139
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
2/15/37
........................................
600,000
706,609
Wisconsin
Masonic
Home
Obligated
Group,
Revenue,
2021
A,
4%,
8/15/41
......
1,650,000
1,915,999
52,269,712
U.S.
Territories
0.5%
District
of
Columbia
0.4%
District
of
Columbia
,
Income
Tax
,
Revenue
,
2019
A
,
5
%
,
3/01/33
................
3,000,000
3,874,493
Washington
Metropolitan
Area
Transit
Authority
,
Revenue,
2017
B,
5%,
7/01/31
........................................
5,000,000
6,086,444
Revenue,
2017
B,
5%,
7/01/32
........................................
5,750,000
6,994,501
16,955,438
Puerto
Rico
0.1%
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue
,
CC
,
Refunding
,
AGMC
Insured
,
5.5
%
,
7/01/29
..............................................
1,000,000
1,118,825
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/27
..
450,000
540,635
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
44
s
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority,
(continued)
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/30
..
$
550,000
$
697,266
2,356,726
Total
U.S.
Territories
....................................................................
19,312,164
Total
Municipal
Bonds
(Cost
$3,616,855,535)
...................................
3,809,353,932
Total
Long
Term
Investments
(Cost
$3,685,483,847)
.............................
3,877,611,032
a
a
a
a
a
Short
Term
Investments
0.5%
Municipal
Bonds
0.5%
Arizona
0.1%
f
Arizona
Industrial
Development
Authority
,
Phoenix
Children's
Hospital
,
Revenue
,
2019
A
,
Refunding
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.04
%
,
2/01/48
2,500,000
2,500,000
Georgia
0.3%
f
Development
Authority
of
Monroe
County
(The)
,
Florida
Power
&
Light
Co.
,
Revenue
,
2002
,
Refunding
,
Daily
VRDN
and
Put
,
0.05
%
,
9/01/37
.....................
10,000,000
10,000,000
Missouri
0.1%
f
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Washington
University
(The)
,
Revenue
,
2003
B
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.02
%
,
2/15/33
..
4,035,000
4,035,000
Virginia
0.0%
†
f
Virginia
College
Building
Authority
,
University
of
Richmond
,
Revenue
,
2006
,
SPA
Wells
Fargo
Bank
NA
,
Daily
VRDN
and
Put
,
0.03
%
,
11/01/36
......................
2,000,000
2,000,000
Total
Municipal
Bonds
(Cost
$18,535,000)
......................................
18,535,000
Total
Short
Term
Investments
(Cost
$18,535,000
)
................................
18,535,000
a
Total
Investments
(Cost
$3,704,018,847)
100.9%
................................
$3,896,146,032
Other
Assets,
less
Liabilities
(0.9)%
...........................................
(33,292,094)
Net
Assets
100.0%
...........................................................
$3,862,853,938
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Security
purchased
on
a
when-issued
basis.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
e
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
aggregate
value
of
these
securities
was
$83,789,375,
representing
2.2%
of
net
assets.
f
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
45
a
a
Shares
a
Value
a
Management
Investment
Companies
2.4%
Capital
Markets
2.4%
a
Franklin
Liberty
Federal
Tax-Free
Bond
ETF
...............................
1,300,000
$
35,282,000
Total
Management
Investment
Companies
(Cost
$33,900,950)
....................
35,282,000
Principal
Amount
a
a
a
a
Municipal
Bonds
81.4%
Alabama
2.6%
Black
Belt
Energy
Gas
District
,
Revenue,
2021
A,
Refunding,
4%,
12/01/21
..............................
$
435,000
435,000
Revenue,
2021
A,
Refunding,
4%,
6/01/22
...............................
340,000
346,198
Revenue,
2021
A,
Refunding,
4%,
12/01/22
..............................
490,000
507,757
Revenue,
2021
A,
Refunding,
4%,
6/01/23
...............................
400,000
421,380
Revenue,
2021
A,
Refunding,
4%,
6/01/24
...............................
400,000
434,323
b
Revenue,
2021
B,
Mandatory
Put,
4%,
12/01/26
...........................
15,000,000
17,130,713
b
Industrial
Development
Board
of
the
City
of
Mobile
Alabama
,
Alabama
Power
Co.,
Revenue,
2007
A,
Mandatory
Put,
1%,
6/26/25
...........
4,000,000
4,037,926
Alabama
Power
Co.,
Revenue,
2008,
Mandatory
Put,
2.9%,
12/12/23
...........
7,550,000
7,912,447
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue,
2021
A,
4%,
10/01/22
.......................................
355,000
365,325
Revenue,
2021
A,
4%,
10/01/23
.......................................
450,000
477,571
Revenue,
2021
A,
4%,
10/01/24
.......................................
725,000
790,562
Special
Care
Facilities
Financing
Authority
of
the
City
of
Pell
City
Alabama
,
Noland
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
12/01/22
...........
1,445,000
1,512,631
Noland
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
12/01/24
...........
1,500,000
1,697,281
Noland
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
12/01/26
...........
1,030,000
1,237,179
37,306,293
Alaska
0.9%
Alaska
Municipal
Bond
Bank
Authority
,
Revenue
,
2020
,
Refunding
,
5
%
,
12/01/21
...
1,000,000
1,000,000
Borough
of
Matanuska-Susitna
,
State
of
Alaska
Department
of
Administration
,
Revenue
,
2015
,
Refunding
,
5.25
%
,
9/01/29
..............................
10,000,000
11,490,376
12,490,376
Arizona
1.4%
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/24
.......................................................
1,000,000
1,099,860
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/25
.......................................................
1,000,000
1,127,863
Kipp
New
York,
Inc.
Gerard
Facility,
Revenue,
2021
C,
1.4%,
7/01/22
...........
175,000
175,106
Kipp
New
York,
Inc.
Gerard
Facility,
Revenue,
2021
C,
1.8%,
7/01/24
...........
450,000
451,540
b
Maricopa
County
Industrial
Development
Authority
,
HonorHealth
Obligated
Group
,
Revenue
,
2019
C
,
Mandatory
Put
,
0.85
%
,
(
SIFMA
Municipal
Swap
Index
+
0.8
%
),
9/01/24
.........................................................
17,000,000
17,092,196
19,946,565
California
3.4%
California
Community
Choice
Financing
Authority
,
Revenue,
2021
B-1,
4%,
8/01/25
......................................
535,000
599,740
Revenue,
2021
B-1,
4%,
2/01/26
......................................
850,000
961,808
Revenue,
2021
B-1,
4%,
8/01/26
......................................
325,000
371,882
Revenue,
2021
B-1,
4%,
8/01/27
......................................
400,000
463,940
Revenue,
2021
B-1,
4%,
2/01/28
......................................
375,000
438,118
Revenue,
2021
B-1,
4%,
8/01/28
......................................
470,000
553,588
California
County
Tobacco
Securitization
Agency
,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/22
.....................
400,000
407,235
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/23
.....................
400,000
421,549
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
46
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
b
California
Health
Facilities
Financing
Authority
,
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2016
B-3
,
Refunding
,
Mandatory
Put
,
2
%
,
10/01/25
...........
$
13,340,000
$
14,101,873
b
California
Municipal
Finance
Authority
,
Republic
Services,
Inc.,
Revenue,
2021
A,
Refunding,
Mandatory
Put,
0.3%,
4/01/22
7,500,000
7,502,775
Waste
Management,
Inc.,
Revenue,
2020,
Mandatory
Put,
0.15%,
3/01/22
.......
5,000,000
5,000,000
California
Statewide
Communities
Development
Authority
,
b
Southern
California
Edison
Co.,
Revenue,
D,
Refunding,
Mandatory
Put,
2.625%,
12/01/23
.......................................................
3,000,000
3,134,864
Viamonte
Senior
Living
1,
Inc.,
Revenue,
2018
B-3,
California
Mortgage
Insured,
3%,
7/01/27
........................................................
3,500,000
3,506,508
Mount
San
Antonio
Community
College
District
,
GO
,
2017
,
ETM,
Zero
Cpn.,
4/01/22
.
10,000,000
9,993,968
c
San
Diego
County
Regional
Airport
Authority
,
Revenue
,
2021
C
,
Refunding
,
0.454
%
,
7/01/22
.........................................................
1,500,000
1,500,286
48,958,134
Colorado
1.9%
Denver
City
&
County
School
District
No.
1
,
GO
,
2012
B
,
4
%
,
12/01/27
...........
7,480,000
7,748,018
Fort
Carson
Family
Housing
LLC
,
Revenue
,
1999
,
NATL
Insured
,
7.86
%
,
11/15/29
..
15,000,000
18,595,800
Regional
Transportation
District
,
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
5%,
1/15/24
........
400,000
436,522
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
5%,
7/15/24
........
300,000
333,451
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
5%,
1/15/25
........
325,000
366,927
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
5%,
7/15/25
........
400,000
458,784
27,939,502
Connecticut
0.0%
†
c
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
5%,
7/01/23
...
175,000
184,368
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
5%,
7/01/24
...
175,000
191,139
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
5%,
7/01/25
...
170,000
191,781
567,288
Delaware
0.4%
b
Delaware
State
Economic
Development
Authority
,
NRG
Energy,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
Mandatory
Put
,
1.25
%
,
10/01/25
..............................
5,000,000
5,011,396
Florida
1.7%
Centre
Lake
Community
Development
District
,
Special
Assessment
,
2021
,
2.75
%
,
5/01/24
.........................................................
215,000
222,279
County
of
Escambia
,
Florida
Power
&
Light
Co.
,
Revenue
,
2003
,
Refunding
,
2.6
%
,
6/01/23
.........................................................
5,000,000
5,157,545
Florida
Municipal
Power
Agency
,
All-Requirements
Power
Supply
Project
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/25
......................................
1,000,000
1,165,001
Jacksonville
Transportation
Authority
,
Revenue,
Senior
Lien,
2020,
5%,
8/01/22
................................
1,615,000
1,665,561
Revenue,
Senior
Lien,
2020,
5%,
8/01/23
................................
1,720,000
1,851,320
Revenue,
Senior
Lien,
2020,
5%,
8/01/24
................................
1,805,000
2,018,119
Revenue,
Senior
Lien,
2020,
5%,
8/01/25
................................
1,800,000
2,081,460
Revenue,
Senior
Lien,
2020,
5%,
8/01/26
................................
1,940,000
2,310,356
Orlando-Orange
County
Expressway
Authority
,
Central
Florida
Expressway
Authority
,
Revenue
,
2012
,
Pre-Refunded
,
AGMC
Insured
,
5
%
,
7/01/24
.................
4,000,000
4,111,896
River
Hall
Community
Development
District
,
Special
Assessment,
2021
A-1,
Refunding,
3%,
5/01/22
.....................
190,000
191,548
Special
Assessment,
2021
A-1,
Refunding,
3%,
5/01/23
.....................
175,000
179,228
Special
Assessment,
2021
A-1,
Refunding,
3%,
5/01/24
.....................
235,000
243,211
Special
Assessment,
2021
A-1,
Refunding,
3%,
5/01/25
.....................
180,000
187,302
Special
Assessment,
2021
A-1,
Refunding,
3%,
5/01/26
.....................
220,000
229,058
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
47
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
State
of
Florida
,
Department
of
Transportation
Turnpike
System
,
Revenue
,
2012
A
,
2.875
%
,
7/01/25
...................................................
$
3,000,000
$
3,042,275
24,656,159
Georgia
3.7%
b
Atlanta
Urban
Residential
Finance
Authority
,
Hollywood
Shawnee
Housing
Partners
LP,
Revenue,
2021
A,
Mandatory
Put,
0.24%,
1/01/23
........................................................
1,250,000
1,248,459
d
Hollywood
Shawnee
Housing
Partners
LP,
Revenue,
144A,
2021
B,
Mandatory
Put,
1.35%,
1/01/23
..................................................
2,600,000
2,608,497
City
of
Atlanta
,
Department
of
Aviation,
Revenue,
2020
A,
Refunding,
5%,
7/01/24
.............
2,500,000
2,796,090
Department
of
Aviation,
Revenue,
2020
A,
Refunding,
5%,
7/01/25
.............
1,500,000
1,739,143
b
Development
Authority
of
Monroe
County
(The)
,
Georgia
Power
Co.
,
Revenue,
First
Series
,
2009
,
Refunding
,
Mandatory
Put
,
1
%
,
8/21/26
......................
2,000,000
2,005,815
b,d
Housing
Authority
of
Clayton
County
Facilities
Holding
Co.
LLC
(The)
,
Riverwood
Housing
Partners
LP
,
Revenue
,
144A,
2021
B
,
Mandatory
Put
,
1.4
%
,
4/01/23
.....
2,000,000
2,013,120
b
Macon-Bibb
County
Housing
Authority
,
Green
Meadows
Housing
Partners
LP
,
Revenue
,
2021
A
,
Mandatory
Put
,
0.25
%
,
10/01/22
........................
2,150,000
2,148,462
Main
Street
Natural
Gas,
Inc.
,
b
Revenue,
2018
A,
Mandatory
Put,
4%,
9/01/23
............................
10,025,000
10,606,864
Revenue,
2021
C,
4%,
12/01/22
.......................................
500,000
518,018
Revenue,
2021
C,
4%,
12/01/23
.......................................
725,000
774,849
Revenue,
2021
C,
4%,
12/01/24
.......................................
735,000
808,009
Metropolitan
Atlanta
Rapid
Transit
Authority
,
Revenue
,
2018
A
,
Refunding
,
3
%
,
7/01/23
11,000,000
11,470,893
Private
Colleges
&
Universities
Authority
,
Corp.
of
Mercer
University
(The),
Revenue,
2021,
Refunding,
5%,
10/01/22
......
300,000
311,799
Corp.
of
Mercer
University
(The),
Revenue,
2021,
Refunding,
5%,
10/01/23
......
300,000
325,442
Corp.
of
Mercer
University
(The),
Revenue,
2021,
Refunding,
5%,
10/01/24
......
400,000
450,114
Corp.
of
Mercer
University
(The),
Revenue,
2021,
Refunding,
5%,
10/01/25
......
425,000
494,248
State
of
Georgia
,
GO
,
2016
A
,
5
%
,
2/01/23
................................
12,375,000
13,070,771
53,390,593
Hawaii
2.1%
State
of
Hawaii
,
GO
,
EF
,
Pre-Refunded
,
5
%
,
11/01/23
........................
10,000,000
10,440,757
University
of
Hawaii
,
Revenue,
2020
B,
Refunding,
5%,
10/01/24
..............................
4,040,000
4,562,015
Revenue,
2020
B,
Refunding,
5%,
10/01/25
..............................
5,165,000
6,040,780
Revenue,
2020
B,
Refunding,
5%,
10/01/26
..............................
7,225,000
8,710,159
29,753,711
Illinois
8.5%
Chicago
Board
of
Education
,
GO
,
2018
A
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/23
.
1,000,000
1,088,388
Chicago
Park
District
,
GO,
2020
F-2,
Refunding,
5%,
1/01/25
..................................
350,000
396,373
GO,
2020
F-2,
Refunding,
5%,
1/01/26
..................................
500,000
583,627
GO,
2020
F-2,
Refunding,
5%,
1/01/27
..................................
550,000
659,985
Chicago
Transit
Authority
Capital
Grant
Receipts
,
Revenue
,
2021
,
Refunding
,
5
%
,
6/01/24
.........................................................
1,425,000
1,581,824
City
of
Chicago
,
GO,
2015
C,
Refunding,
5%,
1/01/25
...................................
1,900,000
2,145,557
GO,
2020
A,
Refunding,
5%,
1/01/28
...................................
3,100,000
3,774,953
c
City
of
Moline
,
GO,
2021
C,
AGMC
Insured,
0.542%,
12/01/22
...........................
500,000
500,005
GO,
2021
C,
AGMC
Insured,
0.702%,
12/01/23
...........................
1,175,000
1,173,355
GO,
2021
C,
AGMC
Insured,
1.151%,
12/01/24
...........................
580,000
580,457
GO,
2021
C,
AGMC
Insured,
1.439%,
12/01/25
...........................
925,000
926,683
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
48
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
County
of
Cook
,
GO,
2021
A,
Refunding,
5%,
11/15/22
..................................
$
5,000,000
$
5,229,134
Sales
Tax,
Revenue,
2021
A,
Refunding,
5%,
11/15/29
......................
845,000
1,083,911
b
Illinois
Development
Finance
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2019
,
Mandatory
Put
,
0.4
%
,
11/01/22
.......................................
10,000,000
9,999,897
Illinois
Finance
Authority
,
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
5/15/27
.........
2,810,000
3,190,669
b
Field
Museum
of
Natural
History,
Revenue,
2019,
Refunding,
Mandatory
Put,
0.559%,
9/01/22
.................................................
8,400,000
8,400,249
b
OSF
Healthcare
System
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
Mandatory
Put,
5%,
11/15/24
.......................................
1,250,000
1,386,219
c
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
3
%
,
6/15/24
..
2,500,000
2,600,408
Railsplitter
Tobacco
Settlement
Authority
,
Revenue
,
2017
,
5
%
,
6/01/26
...........
2,000,000
2,366,383
State
of
Illinois
,
GO,
2010-4,
AGMC
Insured,
6.875%,
7/01/25
............................
1,000,000
1,110,168
GO,
2016,
Refunding,
5%,
2/01/28
.....................................
2,000,000
2,386,648
GO,
2016,
Refunding,
5%,
2/01/29
.....................................
750,000
890,470
GO,
2017
D,
5%,
11/01/24
...........................................
5,000,000
5,620,119
GO,
2017
D,
5%,
11/01/25
...........................................
10,000,000
11,589,948
GO,
2018
A,
6%,
5/01/25
............................................
6,000,000
7,057,630
GO,
2018
A,
Refunding,
5%,
10/01/28
..................................
525,000
647,124
GO,
2018
A,
Refunding,
5%,
10/01/29
..................................
375,000
460,713
GO,
2018
B,
Refunding,
5%,
10/01/31
..................................
625,000
761,691
GO,
2019
B,
5%,
11/01/30
...........................................
375,000
468,417
GO,
2020,
5.5%,
5/01/30
............................................
1,710,000
2,234,572
Sales
Tax,
Revenue,
2021
A,
4%,
6/15/24
...............................
5,000,000
5,428,050
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/22
.............
4,000,000
4,101,803
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/23
.............
3,000,000
3,207,271
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/24
.............
3,300,000
3,665,454
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/25
.............
2,000,000
2,298,051
University
of
Illinois
,
Auxiliary
Facilities
System,
Revenue,
2021
A,
Refunding,
3%,
4/01/22
..........
8,950,000
9,033,425
Auxiliary
Facilities
System,
Revenue,
2021
A,
Refunding,
3%,
4/01/25
..........
11,660,000
12,613,464
d
Upper
Illinois
River
Valley
Development
Authority
,
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group
,
Revenue
,
144A,
2020
B
,
Refunding
,
4.25
%
,
3/01/23
......
701,000
700,604
121,943,699
Indiana
0.6%
d
City
of
Goshen
,
Green
Oaks
of
Goshen
LLC
,
Revenue
,
144A,
2021
B
,
4.75
%
,
8/01/24
1,560,000
1,561,567
Indiana
Finance
Authority
,
Greencroft
Goshen
Obligated
Group,
Revenue,
2021
B,
Refunding,
3.25%,
11/15/23
195,000
195,211
c
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/23
..
1,000,000
1,004,445
c
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/24
..
1,000,000
1,021,081
c
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/25
..
1,000,000
1,033,841
Indianapolis
Power
&
Light
Co.,
Revenue,
2021
B,
Refunding,
0.65%,
8/01/25
....
4,500,000
4,468,877
9,285,022
Iowa
0.8%
Des
Moines
Independent
Community
School
District
,
Sales
Services
&
Use
Tax
,
Revenue
,
2018
,
AGMC
Insured
,
3
%
,
6/01/29
.............................
9,300,000
10,110,419
Iowa
Tobacco
Settlement
Authority
,
Revenue
,
2021
B-1
,
2
,
Refunding
,
0.375
%
,
6/01/30
715,000
715,337
10,825,756
Kansas
0.1%
Reno
County
Unified
School
District
No.
308
Hutchinson
,
GO
,
2019
,
Refunding
,
5
%
,
9/01/27
.........................................................
1,575,000
1,930,613
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
49
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Kentucky
2.4%
County
of
Trimble
,
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2001
A
,
Refunding
,
0.625
%
,
9/01/26
...................................................
$
3,375,000
$
3,331,132
Eastern
Kentucky
University
,
Revenue,
2021
A,
Refunding,
3.2%,
10/01/22
.............................
1,050,000
1,073,762
Revenue,
2021
A,
Refunding,
3.25%,
10/01/23
............................
1,080,000
1,132,061
Revenue,
2021
A,
Refunding,
3.5%,
10/01/24
.............................
1,120,000
1,207,925
Revenue,
2021
A,
Refunding,
3.5%,
10/01/25
.............................
1,155,000
1,271,806
Revenue,
2021
A,
Refunding,
4%,
10/01/26
..............................
1,205,000
1,378,215
Revenue,
2021
A,
Refunding,
4%,
10/01/27
..............................
1,255,000
1,459,684
Revenue,
2021
A,
Refunding,
4%,
10/01/28
..............................
1,305,000
1,536,374
b
Kentucky
Public
Energy
Authority
,
Revenue,
2018
A,
Mandatory
Put,
4%,
4/01/24
............................
10,000,000
10,732,638
Revenue,
2020
A,
Mandatory
Put,
4%,
6/01/26
............................
10,000,000
11,331,941
34,455,538
Louisiana
3.7%
City
of
New
Orleans
,
Sewerage
Service,
Revenue,
2020
B,
5%,
6/01/26
.........................
450,000
531,563
Sewerage
Service,
Revenue,
2020
B,
5%,
6/01/27
.........................
600,000
728,019
Sewerage
Service,
Revenue,
2020
B,
5%,
6/01/28
.........................
550,000
683,505
d
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.
,
Revenue
,
144A,
2020
A
,
Refunding
,
2.75
%
,
12/01/25
...................................
957,000
963,720
Louisiana
Public
Facilities
Authority
,
Loyola
University
New
Orleans,
Revenue,
2021,
Refunding,
5%,
10/01/25
.......
250,000
286,338
b
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2020
B,
Refunding,
Mandatory
Put,
5%,
5/15/25
........................................
7,500,000
8,636,354
Louisiana
Stadium
&
Exposition
District
,
Revenue
,
2020
,
5
%
,
7/03/23
............
4,650,000
4,874,975
b
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
B-1
,
Refunding
,
Mandatory
Put
,
2.125
%
,
7/01/24
......................................
7,100,000
7,341,629
State
of
Louisiana
,
GO,
2013
A,
Pre-Refunded,
4%,
5/15/31
................................
15,225,000
16,059,936
GO,
2019
A,
5%,
3/01/31
............................................
10,870,000
13,768,669
53,874,708
Maryland
3.3%
City
of
Baltimore
,
GO
,
2017
B
,
Refunding
,
5
%
,
10/15/25
......................
5,000,000
5,863,666
City
of
Cumberland
,
GO,
2021,
Refunding,
AGMC
Insured,
5%,
6/01/24
.........................
395,000
439,829
GO,
2021,
Refunding,
AGMC
Insured,
5%,
6/01/25
.........................
455,000
524,164
b
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2020
B-2
,
Refunding
,
Mandatory
Put
,
5
%
,
7/01/27
......................................................
5,110,000
6,123,434
State
of
Maryland
,
GO
,
2017
B
,
Refunding
,
5
%
,
8/01/26
......................
12,330,000
14,840,695
Town
of
Chestertown
,
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/26
...............
1,035,000
1,211,321
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/27
...............
1,215,000
1,457,366
Washington
Suburban
Sanitary
Commission
,
Revenue,
2013,
Pre-Refunded,
4%,
6/01/28
..............................
5,500,000
5,810,139
Revenue,
2013,
Pre-Refunded,
4%,
6/01/30
..............................
5,500,000
5,810,138
Revenue,
2013,
Pre-Refunded,
4%,
6/01/31
..............................
5,500,000
5,810,138
47,890,890
Massachusetts
0.5%
b
Massachusetts
Development
Finance
Agency
,
Mass
General
Brigham,
Inc.,
Revenue,
2017
S-4,
Refunding,
Mandatory
Put,
5%,
1/25/24
........................................................
5,000,000
5,494,981
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
50
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
b
Massachusetts
Development
Finance
Agency,
(continued)
President
&
Trustees
of
Williams
College,
Revenue,
2011
N,
Mandatory
Put,
0.45%,
7/01/25
........................................................
$
1,000,000
$
994,991
6,489,972
Michigan
0.9%
City
of
Grand
Rapids
,
Sanitary
Sewer
System
,
Revenue
,
1998
A
,
Refunding
,
BHAC,
AGMC,
FGIC
Insured
,
5.5
%
,
1/01/22
...................................
1,100,000
1,104,722
Michigan
Finance
Authority
,
Henry
Ford
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/27
.......................................................
2,000,000
2,401,441
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
B-1,
2,
Refunding,
1.25%,
6/01/30
225,000
225,797
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
A-1
,
1.5
%
,
10/01/22
.
970,000
971,018
b
Michigan
Strategic
Fund
,
Consumers
Energy
Co.,
Revenue,
2005,
Mandatory
Put,
0.875%,
10/08/26
......
4,350,000
4,344,715
Waste
Management
of
Michigan,
Inc.,
Revenue,
2001,
Mandatory
Put,
0.58%,
8/01/24
........................................................
3,300,000
3,292,168
12,339,861
Minnesota
1.3%
b
City
of
Brooklyn
Center
,
Brooklyn
Center
AH
I
LLLP
,
Revenue
,
2019
,
Refunding
,
Mandatory
Put
,
1.35
%
,
7/01/22
.......................................
4,000,000
4,003,465
b
Dakota
County
Community
Development
Agency
,
Eagan
AH
I
LLLP
,
Revenue
,
2020
,
Mandatory
Put
,
0.35
%
,
6/01/23
.......................................
6,000,000
6,003,266
Farmington
Independent
School
District
No.
192
,
GO
,
2015
C
,
Refunding
,
5
%
,
2/01/24
6,065,000
6,667,091
Minnesota
Higher
Education
Facilities
Authority
,
University
of
St.
Thomas,
Revenue,
2019,
5%,
10/01/26
.....................
1,000,000
1,195,032
University
of
St.
Thomas,
Revenue,
2019,
5%,
10/01/27
.....................
1,000,000
1,223,207
19,092,061
Mississippi
0.2%
b
Mississippi
Business
Finance
Corp.
,
Waste
Management,
Inc.
,
Revenue
,
2004
,
Mandatory
Put
,
0.7
%
,
9/01/26
........................................
2,500,000
2,464,160
Mississippi
Home
Corp.
,
d
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
2.75%,
6/01/26
326,937
325,558
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
2021
D-8,
2.9%,
6/01/26
...................................................
72,598
72,751
2,862,469
Missouri
0.4%
Missouri
Development
Finance
Board
,
City
of
Independence,
Revenue,
2021,
Refunding,
5%,
3/01/22
...............
350,000
353,791
City
of
Independence,
Revenue,
2021,
Refunding,
5%,
3/01/23
...............
280,000
294,847
City
of
Independence,
Revenue,
2021,
Refunding,
5%,
3/01/24
...............
300,000
327,121
City
of
Independence,
Revenue,
2021,
Refunding,
5%,
3/01/25
...............
500,000
562,033
City
of
Independence,
Revenue,
2021,
Refunding,
5%,
3/01/26
...............
405,000
467,039
City
of
Independence,
Revenue,
2021,
Refunding,
5%,
3/01/27
...............
660,000
779,084
b
St.
Charles
County
Industrial
Development
Authority
,
Hidden
Valley
Housing
Partners
LP
,
Revenue
,
2021
,
Mandatory
Put
,
0.27
%
,
10/01/23
.......................
3,500,000
3,491,836
6,275,751
Montana
0.4%
b
Montana
Facility
Finance
Authority
,
Billings
Clinic
Obligated
Group
,
Revenue
,
2018
C
,
Refunding
,
Mandatory
Put
,
0.6
%
,
(
SIFMA
Municipal
Swap
Index
+
0.55
%
),
8/15/23
6,090,000
6,096,465
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
51
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Nebraska
0.3%
Nebraska
Public
Power
District
,
Revenue,
2021
C,
Refunding,
5%,
1/01/23
...............................
$
1,500,000
$
1,577,432
Revenue,
2021
C,
Refunding,
5%,
1/01/24
...............................
2,500,000
2,742,345
4,319,777
Nevada
0.7%
Las
Vegas
Valley
Water
District
,
GO,
2020
D,
Refunding,
5%,
6/01/24
...................................
1,745,000
1,945,820
GO,
2020
D,
Refunding,
5%,
6/01/25
...................................
2,750,000
3,181,489
b,d
State
of
Nevada
Department
of
Business
&
Industry
,
DesertXpress
Enterprises
LLC
,
Revenue
,
144A,
2020
A
,
Mandatory
Put
,
0.25
%
,
2/01/22
....................
5,000,000
5,000,162
10,127,471
New
Hampshire
0.3%
b
New
Hampshire
Business
Finance
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2018
A
,
Refunding
,
Mandatory
Put
,
0.425
%
,
(
SIFMA
Municipal
Swap
Index
+
0.375
%
),
7/01/24
.........................................................
5,000,000
4,999,875
New
Jersey
8.3%
Bergen
County
Improvement
Authority
(The)
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
8/15/22
.........................................................
2,500,000
2,547,842
City
of
Newark
,
GO,
2020
A,
Refunding,
AGMC
Insured,
5%,
10/01/23
......................
1,000,000
1,079,059
GO,
2020
A,
Refunding,
AGMC
Insured,
5%,
10/01/24
......................
1,000,000
1,116,882
County
of
Atlantic
,
GO,
2020,
0.375%,
6/01/23
..........................................
1,730,000
1,731,542
GO,
2020,
0.375%,
6/01/24
..........................................
1,765,000
1,754,901
GO,
2020,
0.375%,
6/01/25
..........................................
1,800,000
1,779,140
County
of
Morris
,
GO
,
2021
,
2
%
,
2/01/26
.................................
4,215,000
4,444,306
County
of
Union
,
GO,
2020,
0.5%,
3/01/23
............................................
5,215,000
5,224,026
GO,
2020,
0.5%,
3/01/24
............................................
5,290,000
5,305,933
Garden
State
Preservation
Trust
,
Revenue
,
2005
A
,
AGMC
Insured
,
5.75
%
,
11/01/28
25,000,000
30,578,915
New
Jersey
Economic
Development
Authority
,
Revenue,
1997
A,
NATL
Insured,
7.425%,
2/15/29
.........................
3,000,000
3,818,165
e
Revenue,
FRN,
2019
A,
Refunding,
5.25%,
4/01/28
........................
5,000,000
6,261,074
b
New
Jersey-American
Water
Co.,
Inc.,
Revenue,
2019
B,
Refunding,
Mandatory
Put,
2.05%,
12/03/29
.................................................
7,500,000
7,994,570
e
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
FRN,
2013
I,
Refunding,
1.65%,
(SIFMA
Municipal
Swap
Index
+
1.6%),
3/01/28
....................
12,170,000
12,317,520
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2006
C,
AMBAC
Insured,
Zero
Cpn.,
12/15/26
....................
10,000,000
9,390,633
Revenue,
2006
C,
BHAC
Insured,
Zero
Cpn.,
12/15/27
......................
11,110,000
10,330,222
Newark
Board
of
Education
,
GO,
2021,
Refunding,
5%,
7/15/22
.....................................
130,000
133,849
GO,
2021,
Refunding,
5%,
7/15/23
.....................................
300,000
322,469
GO,
2021,
Refunding,
5%,
7/15/24
.....................................
400,000
444,712
State
of
New
Jersey
,
GO,
3%,
6/01/25
..................................................
2,000,000
2,075,677
GO,
2020
A,
5%,
6/01/29
............................................
3,700,000
4,698,235
GO,
2020
A,
4%,
6/01/30
............................................
5,000,000
6,080,296
119,429,968
New
Mexico
0.3%
b
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
A
,
Refunding
,
Mandatory
Put
,
0.875
%
,
10/01/26
.....................................
4,250,000
4,235,600
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
52
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
4.3%
City
of
New
York
,
GO
,
2019
A
,
Refunding
,
5
%
,
8/01/22
.......................
$
5,000,000
$
5,161,317
County
of
Suffolk
,
GO
,
2018
B
,
AGMC
Insured
,
4
%
,
10/15/28
..................
4,205,000
4,847,481
Metropolitan
Transportation
Authority
,
b
Revenue,
2012
G-4,
Refunding,
Mandatory
Put,
0.608%,
11/01/22
.............
6,205,000
6,221,126
Revenue,
2017
D,
Refunding,
5%,
11/15/25
..............................
3,775,000
4,387,995
Revenue,
2020
A-1,
5%,
2/01/23
......................................
8,250,000
8,692,174
b
New
York
City
Housing
Development
Corp.
,
Revenue
,
2021
H
,
Mandatory
Put
,
0.12
%
,
3/15/22
.........................................................
3,800,000
3,795,051
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
5%,
1/01/24
1,000,000
1,095,182
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
5%,
1/01/25
1,000,000
1,137,101
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
0.95
%
,
11/15/27
780,000
772,392
New
York
State
Dormitory
Authority
,
Cornell
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/26
......................................................
5,000,000
6,000,041
New
York
State
Energy
Research
&
Development
Authority
,
New
York
State
Electric
&
Gas
Corp.,
Revenue,
1994
D,
Refunding,
3.5%,
10/01/29
3,000,000
3,460,919
b
Rochester
Gas
and
Electric
Corp.,
Revenue,
1997
A,
Refunding,
Mandatory
Put,
3%,
7/01/25
........................................................
10,000,000
10,732,919
New
York
State
Housing
Finance
Agency
,
Revenue
,
2020
F
,
1.1
%
,
11/01/26
.......
2,860,000
2,890,507
New
York
Transportation
Development
Corp.
,
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/25
...
500,000
577,030
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/25
...
2,200,000
2,547,355
62,318,590
North
Carolina
0.8%
City
of
Charlotte
,
COP
,
2013
B
,
3
%
,
6/01/22
...............................
2,740,000
2,746,314
North
Carolina
Capital
Facilities
Finance
Agency
,
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/24
..........
1,200,000
1,346,729
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/25
..........
1,000,000
1,157,587
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/26
..........
850,000
1,010,895
North
Carolina
State
University
at
Raleigh
,
Revenue,
2018,
Refunding,
5%,
10/01/26
................................
3,000,000
3,621,440
Revenue,
2018,
Refunding,
5%,
10/01/27
................................
1,500,000
1,861,667
11,744,632
North
Dakota
0.7%
Cass
County
Joint
Water
Resource
District
,
GO
,
2021
A
,
Refunding
,
0.48
%
,
5/01/24
.
5,000,000
5,003,679
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/27
..
1,125,000
1,375,662
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/28
..
1,680,000
2,092,206
City
of
Horace
,
GO
,
2021
B
,
Refunding
,
0.6
%
,
10/01/23
......................
1,600,000
1,598,893
10,070,440
Ohio
3.7%
American
Municipal
Power,
Inc.
,
Revenue
,
2009
B
,
5.355
%
,
2/15/24
.............
6,505,000
6,852,581
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien,
2020
A-1,
1,
Refunding,
1.65%,
6/01/23
................
2,500,000
2,535,835
Revenue,
Senior
Lien,
2020
A-1,
1,
Refunding,
1.709%,
6/01/24
...............
6,225,000
6,318,420
Revenue,
Senior
Lien,
2020
A-1,
1,
Refunding,
1.809%,
6/01/25
...............
1,850,000
1,868,179
County
of
Cuyahoga
,
Revenue
,
2020
D
,
Refunding
,
3
%
,
12/01/21
...............
9,090,000
9,090,000
Hillsdale
Local
School
District
,
COP
,
2020
,
BAM
Insured
,
4
%
,
12/01/22
...........
1,200,000
1,243,733
Ohio
Water
Development
Authority
,
Revenue,
2018,
5%,
6/01/28
.........................................
7,000,000
8,804,285
Water
Pollution
Control
Loan
Fund,
Revenue,
2019
A,
5%,
6/01/29
.............
8,500,000
10,923,845
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
53
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Sycamore
Community
City
School
District
,
GO
,
2020
,
4
%
,
12/01/23
.............
$
2,560,000
$
2,747,707
Youngstown
State
University
,
Revenue,
2021,
Refunding,
AGMC
Insured,
4%,
12/15/24
...................
645,000
714,520
Revenue,
2021,
Refunding,
AGMC
Insured,
4%,
12/15/25
...................
580,000
659,303
Revenue,
2021,
Refunding,
AGMC
Insured,
4%,
12/15/26
...................
850,000
987,997
52,746,405
Oklahoma
0.4%
Oklahoma
Capitol
Improvement
Authority
,
Oklahoma
State
Regents
for
Higher
Education
,
Revenue
,
2021
A
,
0.453
%
,
7/01/22
............................
575,000
575,443
Oklahoma
County
Finance
Authority
,
Oklahoma
County
Independent
School
District
No.
52
Midwest
City-Del
City
,
Revenue
,
2018
,
5
%
,
10/01/22
..................
1,000,000
1,039,072
Oklahoma
State
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
9/01/23
...........
705,000
763,475
Tulsa
County
Industrial
Authority
,
Tulsa
County
Independent
School
District
No.
11
Owasso,
Revenue,
2018,
5%,
9/01/22
........................................................
1,500,000
1,552,901
Tulsa
County
Independent
School
District
No.
11
Owasso,
Revenue,
2018,
5%,
9/01/23
........................................................
1,170,000
1,263,825
5,194,716
Oregon
0.8%
Deschutes
&
Jefferson
Counties
School
District
No.
2J
Redmond
,
GO
,
2021
,
3
%
,
6/15/25
.........................................................
850,000
925,441
Salem-Keizer
School
District
No.
24J
,
GO
,
2018
,
5
%
,
6/15/25
..................
2,000,000
2,317,631
State
of
Oregon
,
GO,
2015
B,
Refunding,
5%,
8/01/27
...................................
2,785,000
3,234,775
Department
of
Transportation,
Revenue,
Senior
Lien,
2012
A,
Refunding,
5%,
11/15/22
.......................................................
5,000,000
5,231,105
11,708,952
Pennsylvania
4.2%
c
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue,
2022,
Refunding,
5%,
5/01/24
.................................
150,000
163,246
Revenue,
2022,
Refunding,
5%,
5/01/25
.................................
500,000
560,705
Revenue,
2022,
Refunding,
5%,
5/01/26
.................................
500,000
574,651
Revenue,
2022,
Refunding,
5%,
5/01/27
.................................
590,000
692,872
b
Bethlehem
Area
School
District
Authority
,
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
0.384
%
,
(
SOFR
+
0.35
%
),
11/01/25
................................
2,000,000
2,000,000
b
Delaware
Valley
Regional
Finance
Authority
,
Revenue
,
2018
B
,
Mandatory
Put
,
0.47
%
,
(
SIFMA
Municipal
Swap
Index
+
0.42
%
),
9/01/22
..........................
2,500,000
2,500,143
b
Geisinger
Authority
,
Geisinger
Health
System
Obligated
Group
,
Revenue
,
2014
B
,
Refunding
,
Mandatory
Put
,
1.132
%
,
(
1-month
USD
LIBOR
+
1.07
%
),
6/01/24
.....
10,000,000
10,170,321
b
Lehigh
County
Industrial
Development
Authority
,
PPL
Electric
Utilities
Corp.
,
Revenue
,
2016
A
,
Refunding
,
Mandatory
Put
,
1.8
%
,
9/01/22
.........................
10,000,000
10,098,191
Pennsylvania
Economic
Development
Financing
Authority
,
UPMC
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
11/15/29
...........
1,230,000
1,512,559
b
Waste
Management,
Inc.,
Revenue,
2021
A,
Mandatory
Put,
0.45%,
6/03/24
.....
6,000,000
6,001,750
b
Waste
Management,
Inc.,
Revenue,
2021
B,
Refunding,
Mandatory
Put,
1.1%,
11/02/26
.......................................................
4,000,000
4,016,348
Philadelphia
Authority
for
Industrial
Development
,
City
of
Philadelphia
,
Revenue
,
1999
B
,
AMBAC
Insured
,
Zero
Cpn.,
4/15/24
.................................
4,100,000
3,976,927
Philadelphia
Gas
Works
Co.
,
Revenue,
Sixteenth
A,
AGMC
Insured,
5%,
8/01/25
........................
500,000
579,761
Revenue,
Sixteenth
A,
AGMC
Insured,
5%,
8/01/26
........................
600,000
713,028
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
54
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
e
University
of
Pittsburgh-of
the
Commonwealth
System
of
Higher
Education
,
Revenue
,
FRN
,
2019
,
0.41
%
,
(
SIFMA
Municipal
Swap
Index
+
0.36
%
),
2/15/24
...........
$
7,750,000
$
7,781,052
Westmoreland
County
Industrial
Development
Authority
,
Excela
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
7/01/22
......
300,000
306,287
Excela
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
7/01/23
......
375,000
395,798
Westmoreland
County
Municipal
Authority
,
Revenue
,
2013
,
Pre-Refunded
,
5
%
,
8/15/37
7,895,000
8,527,877
60,571,516
Rhode
Island
0.2%
City
of
Providence
,
GO,
2021
A,
Refunding,
5%,
1/15/22
...................................
400,000
402,111
GO,
2021
A,
Refunding,
5%,
1/15/23
...................................
475,000
497,631
GO,
2021
A,
Refunding,
5%,
1/15/24
...................................
500,000
543,658
GO,
2021
A,
Refunding,
5%,
1/15/25
...................................
500,000
561,865
GO,
2021
A,
Refunding,
5%,
1/15/26
...................................
500,000
577,054
2,582,319
South
Carolina
0.8%
d
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3
%
,
11/01/26
...................................
805,000
807,723
South
Carolina
Public
Service
Authority
,
Revenue,
2021
B,
5%,
12/01/22
.......................................
1,500,000
1,571,132
Revenue,
2021
B,
5%,
12/01/24
.......................................
1,750,000
1,986,325
Revenue,
D,
2.388%,
12/01/23
........................................
6,745,000
6,963,059
11,328,239
South
Dakota
0.2%
f
South
Dakota
Health
&
Educational
Facilities
Authority
,
Sanford
Obligated
Group,
Revenue,
2021,
Refunding,
0.594%,
11/01/22
........
390,000
389,780
Sanford
Obligated
Group,
Revenue,
2021,
Refunding,
0.744%,
11/01/23
........
710,000
709,136
Sanford
Obligated
Group,
Revenue,
2021,
Refunding,
1.225%,
11/01/24
........
450,000
449,633
Sanford
Obligated
Group,
Revenue,
2021,
Refunding,
1.568%,
11/01/25
........
1,695,000
1,695,544
3,244,093
Tennessee
1.8%
City
of
Memphis
,
GO,
2018,
5%,
6/01/24
.............................................
6,915,000
7,712,639
GO,
2018,
5%,
6/01/25
.............................................
7,260,000
8,401,872
GO,
2018,
5%,
6/01/26
.............................................
7,625,000
9,118,741
Tennessee
Energy
Acquisition
Corp.
,
Revenue,
2021
A,
5%,
11/01/22
.......................................
175,000
182,317
Revenue,
2021
A,
5%,
11/01/23
.......................................
250,000
270,869
Revenue,
2021
A,
5%,
11/01/24
.......................................
250,000
280,480
Revenue,
2021
A,
5%,
11/01/25
.......................................
350,000
404,865
26,371,783
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
55
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
5.2%
Central
Texas
Turnpike
System
,
Revenue,
First
Tier
,
2002
A
,
BHAC,
AMBAC
Insured
,
Zero
Cpn.,
8/15/27
.................................................
$
3,280,000
$
3,109,603
City
of
Dallas
,
Waterworks
&
Sewer
System
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
10/01/26
........................................................
5,000,000
5,862,362
City
of
Houston
,
Combined
Utility
System
,
Revenue,
First
Lien
,
2018
D
,
Refunding
,
5
%
,
11/15/26
........................................................
1,000,000
1,212,084
City
of
Lubbock
,
GO
,
2018
,
Refunding
,
5
%
,
2/15/25
.........................
5,150,000
5,889,847
Clifton
Higher
Education
Finance
Corp.
,
IDEA
Public
Schools
,
Revenue
,
2017
,
Refunding
,
PSF
Guaranty
,
4
%
,
8/15/22
.................................
3,200,000
3,285,376
Comal
Independent
School
District
,
GO
,
2017
,
PSF
Guaranty
,
5
%
,
2/01/22
........
2,250,000
2,268,097
Cypress-Fairbanks
Independent
School
District
,
GO
,
2013
,
Refunding
,
PSF
Guaranty
,
5
%
,
2/15/22
......................................................
7,320,000
7,392,661
Grand
Parkway
Transportation
Corp.
,
Revenue
,
2013
B
,
Pre-Refunded
,
5.25
%
,
10/01/51
........................................................
27,930,000
30,447,543
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO,
2021,
2%,
9/01/24
.............................................
140,000
141,962
GO,
2021,
2%,
9/01/25
.............................................
145,000
146,928
GO,
2021,
2%,
9/01/26
.............................................
150,000
151,092
GO,
2021,
2%,
9/01/27
.............................................
155,000
154,972
State
of
Texas
,
GO,
2018
B-3,
Refunding,
5%,
8/01/24
..................................
4,750,000
5,343,211
GO,
2018
B-3,
Refunding,
5%,
8/01/25
..................................
2,000,000
2,331,727
GO,
2018
B-3,
Refunding,
5%,
8/01/26
..................................
2,000,000
2,406,226
Texas
Water
Development
Board
,
State
Revolving
Fund
,
Revenue
,
2018
,
5
%
,
8/01/27
4,200,000
5,189,943
75,333,634
Utah
0.5%
City
of
Salt
Lake
City
,
Airport,
Revenue,
2021
A,
5%,
7/01/24
..................................
1,000,000
1,112,137
Airport,
Revenue,
2021
A,
5%,
7/01/25
..................................
1,300,000
1,496,241
Airport,
Revenue,
2021
A,
5%,
7/01/26
..................................
2,250,000
2,664,154
South
Valley
Water
Reclamation
Facility
,
Revenue
,
2018
,
AGMC
Insured
,
5
%
,
2/15/23
1,225,000
1,293,503
Utah
Infrastructure
Agency
,
Revenue
,
2021
,
3
%
,
10/15/23
.....................
475,000
496,504
7,062,539
Virginia
1.2%
Virginia
College
Building
Authority
,
Revenue
,
2012
A
,
Pre-Refunded
,
4
%
,
2/01/29
...
15,375,000
15,472,445
Virginia
Small
Business
Financing
Authority
,
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
12/01/22
...
240,000
245,452
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
12/01/23
...
300,000
313,173
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
12/01/24
...
220,000
233,901
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
12/01/25
...
230,000
248,262
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
12/01/26
...
235,000
256,653
16,769,886
Washington
4.8%
Auburn
School
District
No.
408
of
King
&
Pierce
Counties
,
GO,
2018,
5%,
12/01/27
.............................................
1,700,000
2,121,215
GO,
2018,
5%,
12/01/28
.............................................
3,300,000
4,134,660
Clark
County
School
District
No.
37
Vancouver
,
GO,
2021,
4%,
12/01/21
.............................................
2,250,000
2,250,000
GO,
2021,
4%,
12/01/22
.............................................
3,575,000
3,710,775
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
56
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
(continued)
f
County
of
King
,
GO
,
2021
C
,
0.61
%
,
12/01/23
..............................
$
10,000,000
$
9,999,200
Energy
Northwest
,
Bonneville
Power
Administration
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/23
.........................................................
5,000,000
5,372,456
King
County
School
District
No.
410
Snoqualmie
Valley
,
GO
,
2017
,
Refunding
,
5
%
,
12/01/21
........................................................
2,455,000
2,455,000
King
County
School
District
No.
414
Lake
Washington
,
GO
,
2020
,
4
%
,
12/01/21
....
1,415,000
1,415,000
Spokane
County
School
District
No.
354
Mead
,
GO,
2018,
4%,
12/01/32
.............................................
1,150,000
1,341,323
GO,
2018,
5%,
12/01/33
.............................................
1,500,000
1,863,639
Spokane
County
School
District
No.
356
Central
Valley
,
GO
,
2018
,
4
%
,
12/01/31
....
8,295,000
9,741,930
State
of
Washington
,
GO,
2012
D,
Pre-Refunded,
5%,
2/01/34
................................
6,545,000
6,597,201
GO,
R-2012D,
Refunding,
5%,
7/01/23
..................................
7,340,000
7,541,970
GO,
R-2015
D,
Refunding,
5%,
7/01/28
.................................
3,985,000
4,518,230
b
University
of
Washington
,
Revenue
,
2019
A
,
Mandatory
Put
,
5
%
,
5/01/22
.........
5,000,000
5,013,176
d
Washington
Health
Care
Facilities
Authority
,
Seattle
Cancer
Care
Alliance
Obligated
Group
,
Revenue
,
144A,
2021
,
5
%
,
12/01/31
..............................
280,000
363,112
68,438,887
West
Virginia
0.1%
b
West
Virginia
Economic
Development
Authority
,
Appalachian
Power
Co.
,
Revenue
,
2010
A
,
Refunding
,
Mandatory
Put
,
0.625
%
,
12/15/25
......................
1,000,000
992,001
Wisconsin
0.4%
City
of
Fond
Du
Lac
,
GO
,
2017
B
,
Refunding
,
2
%
,
4/01/22
.....................
1,000,000
1,005,919
Public
Finance
Authority
,
2017
IAVF
Rubix
LLC,
Revenue,
2020
A,
2.75%,
12/01/25
...................
680,351
689,418
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2021
A,
4%,
7/01/26
..........
150,000
165,768
f
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/25
...........................................
285,000
318,533
f
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/26
...........................................
300,000
341,423
d
WV
2020
Holdings
LLC
Obligated
Group,
Revenue,
144A,
2020
B,
4.25%,
6/01/25
2,507,000
2,483,675
5,004,736
Wyoming
0.1%
County
of
Laramie
,
Cheyenne
Regional
Medical
Center,
Revenue,
2021,
Refunding,
4%,
5/01/23
.....
800,000
841,296
Cheyenne
Regional
Medical
Center,
Revenue,
2021,
Refunding,
4%,
5/01/27
.....
550,000
637,353
1,478,649
U.S.
Territories
0.1%
Puerto
Rico
0.1%
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/22
..
150,000
153,896
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/23
..
100,000
106,757
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/25
..
195,000
222,354
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/27
..
450,000
540,635
1,023,642
Total
U.S.
Territories
....................................................................
1,023,642
Total
Municipal
Bonds
(Cost
$1,143,302,535)
...................................
1,170,481,172
Total
Long
Term
Investments
(Cost
$1,177,203,485)
.............................
1,205,763,172
a
a
a
a
a
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
57
Short
Term
Investments
17.3%
a
a
Principal
Amount
a
Value
Municipal
Bonds
17.3%
Arizona
1.0%
g
Arizona
Health
Facilities
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2015
C
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
0.04
%
,
1/01/46
...............
$
3,500,000
$
3,500,000
g
Arizona
Industrial
Development
Authority
,
Phoenix
Children's
Hospital
,
Revenue
,
2019
A
,
Refunding
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.04
%
,
2/01/48
9,400,000
9,400,000
12,900,000
California
0.4%
g
University
of
California
,
Revenue
,
2013
AL-2
,
Refunding
,
Daily
VRDN
and
Put
,
0.02
%
,
5/15/48
.........................................................
5,400,000
5,400,000
Colorado
1.0%
g
City
&
County
of
Denver
,
COP,
2008
A-1,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.04%,
12/01/29
.................................................
3,500,000
3,500,000
COP,
2008
A-2,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.04%,
12/01/29
.................................................
3,650,000
3,650,000
COP,
2008
A-3,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.04%,
12/01/31
.................................................
7,830,000
7,830,000
14,980,000
Florida
2.1%
g
City
of
Jacksonville
,
Florida
Power
&
Light
Co.
,
Revenue
,
1995
,
Refunding
,
Daily
VRDN
and
Put
,
0.05
%
,
5/01/29
.......................................
6,000,000
6,000,000
g
County
of
Martin
,
Florida
Power
&
Light
Co.
,
Revenue
,
2000
,
Refunding
,
Daily
VRDN
and
Put
,
0.04
%
,
7/15/22
.............................................
25,000,000
25,000,000
31,000,000
Maryland
2.0%
g
County
of
Montgomery
,
GO
,
2017
E
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.04
%
,
11/01/37
........................................................
13,050,000
13,050,000
g
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2008
D
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.03
%
,
7/01/41
.............................................
16,240,000
16,240,000
29,290,000
Michigan
0.3%
g
University
of
Michigan
,
Revenue
,
2012
D-1
,
Daily
VRDN
and
Put
,
0.01
%
,
12/01/24
..
5,120,000
5,120,000
Minnesota
1.2%
g
City
of
Minneapolis
St.
Paul
Housing
&
Redevelopment
Authority
,
Allina
Health
Obligated
Group,
Revenue,
2009
B-1,
LOC
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.04%,
11/15/35
.................................
6,000,000
6,000,000
Allina
Health
Obligated
Group,
Revenue,
B-2,
LOC
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.04%,
11/15/35
.....................................
10,920,000
10,920,000
16,920,000
Missouri
0.6%
g
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Washington
University
(The)
,
Revenue
,
2000
B
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.04
%
,
3/01/40
...................................................
8,300,000
8,300,000
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
58
See
Abbreviations
on
page
200
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
New
York
3.6%
g
City
of
New
York
,
GO
,
2006
I
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
0.03
%
,
4/01/36
...................................................
$
4,600,000
$
4,600,000
g
Metropolitan
Transportation
Authority
,
Dedicated
Tax
Fund
,
Revenue
,
2008
A-1
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.03
%
,
11/01/31
...........
3,615,000
3,615,000
g
New
York
City
,
Water
&
Sewer
System,
Revenue,
2014
AA-1,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.04%,
6/15/50
......................................
7,800,000
7,800,000
Water
&
Sewer
System,
Revenue,
BB
1B,
SPA
State
Street
Bank
&
Trust
Co.,
Daily
VRDN
and
Put,
0.02%,
6/15/49
......................................
7,200,000
7,200,000
g
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured,
Revenue,
2013
C-4,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.04%,
11/01/36
.............................
4,500,000
4,500,000
Future
Tax
Secured,
Revenue,
2019
B-4,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.04%,
8/01/42
......................................
19,000,000
19,000,000
g
Triborough
Bridge
&
Tunnel
Authority
,
Revenue,
2001
C,
Refunding,
LOC
State
Street
Bank
&
Trust
Co.,
Daily
VRDN
and
Put,
0.03%,
1/01/32
..............................................
3,100,000
3,100,000
Revenue,
2005
B-3,
Refunding,
LOC
State
Street
Bank
&
Trust
Co.,
Daily
VRDN
and
Put,
0.02%,
1/01/32
..............................................
1,200,000
1,200,000
51,015,000
North
Carolina
0.3%
g
North
Carolina
Medical
Care
Commission
,
Moses
H
Cone
Memorial
Hospital
Obligated
Group
,
Revenue
,
2001
B
,
SPA
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
0.02
%
,
10/01/35
........................................................
3,600,000
3,600,000
Oregon
0.3%
g
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.03
%
,
8/01/34
............
2,000,000
2,000,000
g
State
of
Oregon
,
GO
,
2020
J
,
Refunding
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.02
%
,
6/01/39
...................................................
3,100,000
3,100,000
5,100,000
Tennessee
2.6%
g
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group
,
Revenue
,
2008
A
,
AGMC
Insured
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.02
%
,
6/01/42
...................................
37,260,000
37,260,000
Virginia
1.9%
g
Albermarle
County
Economic
Development
Authority
,
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.04
%
,
10/01/48
........................................................
27,225,000
27,225,000
g
Virginia
College
Building
Authority
,
University
of
Richmond
,
Revenue
,
2006
,
SPA
Wells
Fargo
Bank
NA
,
Daily
VRDN
and
Put
,
0.03
%
,
11/01/36
......................
500,000
500,000
27,725,000
Total
Municipal
Bonds
(Cost
$248,610,000)
.....................................
248,610,000
Total
Short
Term
Investments
(Cost
$248,610,000
)
...............................
248,610,000
a
Total
Investments
(Cost
$1,425,813,485)
101.1%
................................
$1,454,373,172
Other
Assets,
less
Liabilities
(1.1)%
...........................................
(16,115,756)
Net
Assets
100.0%
...........................................................
$1,438,257,416
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
59
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Security
purchased
on
a
when-issued
basis.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
aggregate
value
of
these
securities
was
$16,827,738,
representing
1.2%
of
net
assets.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
g
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
Georgia
Tax-Free
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
60
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.9%
Florida
0.6%
Capital
Trust
Agency,
Inc.
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
................
$
2,592,000
$
2,597,910
Georgia
94.1%
Athens
Housing
Authority
,
UGAREF
East
Campus
Housing
Phase
II
LLC,
Revenue,
2017,
Refunding,
5%,
6/15/36
........................................................
2,390,000
2,874,716
UGAREF
East
Campus
Housing
Phase
II
LLC,
Revenue,
2017,
Refunding,
4%,
6/15/40
........................................................
5,000,000
5,614,451
Atlanta
&
Fulton
County
Recreation
Authority
,
City
of
Atlanta
Park
Tax
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
12/01/35
..........................................
3,530,000
3,996,524
Atlanta
Development
Authority
(The)
,
City
of
Atlanta
Hotel
Motel
Tax,
Revenue,
2015
A-1,
5.25%,
7/01/40
............
7,750,000
8,900,595
City
of
Atlanta
Hotel
Motel
Tax,
Revenue,
2015
A-1,
5.25%,
7/01/44
............
3,000,000
3,443,293
Piedmont
Ellis
LLC,
Revenue,
2013,
Pre-Refunded,
5%,
9/01/32
..............
2,000,000
2,162,510
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/26
..
2,555,000
2,882,403
Auburn
Urban
Redevelopment
Agency
,
City
of
Auburn,
Revenue,
2020,
BAM
Insured,
4%,
10/01/45
..................
1,000,000
1,179,855
City
of
Auburn,
Revenue,
2020,
BAM
Insured,
4%,
10/01/50
..................
1,000,000
1,173,511
Bainbridge
Public
Facilities
Authority
,
County
of
Decatur
,
Revenue
,
2018
,
AGMC
Insured
,
4
%
,
3/01/43
...............................................
4,000,000
4,561,725
a
Baldwin
County
Hospital
Authority
,
Oconee
Regional
Medical
Center
Obligated
Group,
Revenue,
1998,
5.25%,
12/01/22
2,500,000
25
Oconee
Regional
Medical
Center
Obligated
Group,
Revenue,
1998,
5.375%,
12/01/28
.......................................................
2,000,000
20
Bibb
County
Development
Authority
,
Macon
State
College
Foundation
Real
Estate
LLC
,
Revenue
,
2012
,
AGMC
Insured
,
5
%
,
7/01/40
.............................
5,000,000
5,131,830
Bleckley
County
School
District
,
GO
,
2020
,
5
%
,
10/01/42
.....................
2,055,000
2,653,399
Brookhaven
Development
Authority
,
Children's
Healthcare
of
Atlanta
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
6,000,000
6,951,284
Carroll
City-County
Hospital
Authority
,
Tanner
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2015,
5%,
7/01/41
......
2,000,000
2,288,152
Tanner
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
7/01/45
........................................................
1,250,000
1,482,042
Tanner
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
7/01/50
........................................................
1,500,000
1,762,578
Carrollton
Payroll
Development
Authority
,
UWG
Athletic
Complex
LLC
,
Revenue
,
2014
,
Refunding
,
AGMC
Insured
,
5
%
,
6/15/37
.................................
3,140,000
3,582,047
City
of
Atlanta
,
Tax
Allocation,
2016
B,
Refunding,
5%,
1/01/31
...........................
1,780,000
2,102,155
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2014
A,
Refunding,
5%,
1/01/33
........................................................
4,005,000
4,374,803
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2014
A,
Refunding,
5%,
1/01/34
........................................................
3,250,000
3,547,249
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2019
D,
4%,
7/01/36
.....
4,500,000
5,242,829
Department
of
Aviation,
Revenue,
2021
B,
Refunding,
5%,
7/01/37
.............
1,480,000
1,954,166
Department
of
Aviation,
Revenue,
2021
C,
Refunding,
5%,
7/01/37
.............
1,500,000
1,941,651
Water
&
Wastewater,
Revenue,
2001
A,
AGMC,
NATL
RE
Insured,
5.5%,
11/01/27
.
5,000,000
5,946,006
Water
&
Wastewater,
Revenue,
2015,
Pre-Refunded,
5%,
11/01/43
............
10,000,000
11,550,523
Water
&
Wastewater,
Revenue,
2018
B,
Refunding,
5%,
11/01/47
..............
5,000,000
6,138,718
Water
&
Wastewater,
Revenue,
2019,
Refunding,
4%,
11/01/38
...............
1,450,000
1,739,055
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
61
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
City
of
Baldwin
,
Water
&
Sewerage
,
Revenue
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
6/01/46
.........................................................
$
1,835,000
$
1,986,968
City
of
Buford
,
GO
,
2017
C
,
Refunding
,
4
%
,
1/01/43
.........................
5,000,000
5,704,825
City
of
Cartersville
,
Water
&
Sewer
,
Revenue
,
2018
,
Refunding
,
5
%
,
6/01/48
.......
4,000,000
4,988,979
City
of
Columbus
,
Water
&
Sewerage
,
Revenue
,
2014
A
,
Pre-Refunded
,
5
%
,
5/01/33
1,030,000
1,146,100
City
of
Dalton
,
GO
,
2018
,
5
%
,
2/01/48
....................................
3,000,000
3,706,875
City
of
Monroe
,
Combined
Utility
,
Revenue
,
2020
,
AGMC
Insured
,
4
%
,
12/01/50
....
1,500,000
1,766,171
City
of
Warner
Robins
,
Water
&
Sewerage
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/45
.
1,000,000
1,183,879
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
5%,
4/01/38
375,000
474,834
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/39
425,000
501,564
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
5%,
4/01/40
400,000
504,710
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/41
375,000
439,890
County
of
DeKalb
,
Water
&
Sewerage,
Revenue,
2006
B,
Refunding,
AGMC
Insured,
5%,
10/01/35
..
10,655,000
12,749,265
Water
&
Sewerage,
Revenue,
2011
A,
5.25%,
10/01/41
.....................
4,225,000
4,242,460
County
of
Fulton
,
GO,
2017,
4%,
7/01/40
.............................................
5,000,000
5,780,706
Water
&
Sewerage,
Revenue,
2020
A,
3%,
1/01/45
........................
5,000,000
5,422,311
County
of
Oconee
,
GO
,
2021
,
4
%
,
1/01/32
................................
1,000,000
1,237,424
County
of
Rockdale
,
Stormwater
System,
Revenue,
2021,
4%,
7/01/36
.........................
500,000
607,565
Stormwater
System,
Revenue,
2021,
4%,
7/01/41
.........................
500,000
600,894
Coweta
County
Water
&
Sewage
Authority
,
Revenue,
2019,
Pre-Refunded,
4%,
6/01/39
..............................
1,500,000
1,829,955
Revenue,
2021
B,
3%,
6/01/43
........................................
820,000
903,552
Revenue,
2021
B,
3%,
6/01/46
........................................
1,000,000
1,094,580
Dalton
Whitfield
County
Joint
Development
Authority
,
Hamilton
Health
Care
System
Obligated
Group
,
Revenue
,
2017
,
4
%
,
8/15/41
............................
3,000,000
3,387,970
Decatur
Urban
Redevelopment
Agency
,
Revenue
,
2013
A
,
Pre-Refunded
,
5
%
,
1/01/38
6,195,000
6,516,879
DeKalb
Newton
&
Gwinnett
Counties
Joint
Development
Authority
,
GGCF
Athletic
Fields
LLC
,
Revenue
,
2012
A
,
AGMC
Insured
,
5
%
,
7/01/39
..................
5,000,000
5,136,378
Development
Authority
for
Fulton
County
,
Georgia
Tech
Facilities,
Inc.,
Revenue,
2018,
4%,
3/01/43
...................
2,000,000
2,318,224
Piedmont
Healthcare,
Inc.
Obligated
Group,
Revenue,
2014
A,
Refunding,
5%,
7/01/44
........................................................
10,000,000
11,072,384
Piedmont
Healthcare,
Inc.
Obligated
Group,
Revenue,
2019
A,
4%,
7/01/49
......
5,000,000
5,758,246
WellStar
Health
System
Obligated
Group,
Revenue,
2017,
5%,
4/01/47
.........
1,000,000
1,189,851
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
4%,
4/01/50
........
4,000,000
4,584,560
Development
Authority
of
Burke
County
(The)
,
Oglethorpe
Power
Corp.
,
Revenue
,
2017
,
Refunding
,
4.125
%
,
11/01/45
....................................
6,000,000
6,814,496
Development
Authority
of
Cobb
County
(The)
,
Georgia
Tech
Cobb
Research
Campus
LLC,
Revenue,
2017
A,
4%,
6/01/42
......
1,600,000
1,832,936
Kennesaw
State
University
Real
Estate
Obligated
Group
2015
ABC,
Revenue,
Senior
Lien,
2015
A,
Refunding,
5%,
7/15/38
.................................
2,000,000
2,291,586
KSU
2020
Housing
Real
Estate
Foundation
LLC,
Revenue,
2020,
4%,
7/15/52
....
5,720,000
6,590,726
KSU
SRAC
Real
Estate
Foundation
LLC,
Revenue,
2013,
5%,
7/15/35
..........
2,500,000
2,566,696
KSU
SRAC
Real
Estate
Foundation
LLC,
Revenue,
2013,
5%,
7/15/38
..........
2,500,000
2,567,151
KSU
University
II
Real
Estate
Foundation
LLC,
Revenue,
2021,
Refunding,
4%,
7/15/34
........................................................
1,000,000
1,201,926
University
System
of
Georgia,
Revenue,
2020
C,
4%,
7/15/52
................
2,000,000
2,287,466
Development
Authority
of
Gwinnett
County
,
Gwinnett
County
School
District,
COP,
2006,
NATL
Insured,
5.25%,
1/01/22
......
3,000,000
3,012,497
Gwinnett
County
School
District,
COP,
2006,
NATL
Insured,
5.25%,
1/01/24
......
2,000,000
2,204,235
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
62
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Etowah
Water
&
Sewer
Authority
,
Revenue,
2019,
Refunding,
BAM
Insured,
4%,
3/01/36
......................
$
1,450,000
$
1,694,532
Revenue,
2019,
Refunding,
BAM
Insured,
3%,
3/01/44
......................
1,250,000
1,343,955
Floyd
County
Hospital
Authority
,
Floyd
Obligated
Group
,
Revenue
,
2016
,
Pre-
Refunded
,
4
%
,
7/01/43
.............................................
7,735,000
8,879,891
Forsyth
County
School
District
,
GO
,
2018
,
5
%
,
2/01/38
.......................
2,650,000
3,295,178
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority
,
Lenbrook
Square
Foundation
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
..........
6,000,000
6,414,731
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/15/42
....................................................
7,000,000
8,348,819
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
2/15/45
....................................................
5,000,000
5,745,260
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
2021
A,
4%,
2/15/46
5,000,000
5,819,946
Gainesville
School
District
,
GO
,
2020
,
4
%
,
11/01/42
.........................
1,000,000
1,207,736
Georgia
Higher
Education
Facilities
Authority
,
USG
Real
Estate
Foundation
III
LLC
,
Revenue
,
2020
,
Refunding
,
4
%
,
6/15/41
.................................
2,305,000
2,707,030
Georgia
Housing
&
Finance
Authority
,
Revenue,
2013
A,
3.8%,
12/01/37
.....................................
5,000,000
5,089,785
Revenue,
2018
A,
3.85%,
12/01/38
....................................
5,600,000
5,879,105
Revenue,
2018
A,
3.95%,
12/01/43
....................................
1,210,000
1,262,171
Revenue,
2019
A,
Refunding,
3.7%,
6/01/49
..............................
4,850,000
5,216,081
Georgia
Ports
Authority
,
Revenue
,
2021
,
4
%
,
7/01/51
........................
3,250,000
3,881,956
Georgia
State
Road
&
Tollway
Authority
,
Revenue
,
2020
,
5
%
,
6/01/32
............
3,315,000
4,332,854
Glynn-Brunswick
Memorial
Hospital
Authority
,
Southeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
,
5
%
,
8/01/47
............................
5,000,000
5,904,575
Gwinnett
County
School
District
,
GO,
2019,
5%,
2/01/41
.............................................
3,000,000
3,780,819
GO,
2021,
5%,
2/01/32
.............................................
3,150,000
4,217,759
GO,
2021,
4%,
2/01/37
.............................................
5,000,000
6,180,834
Henry
County
School
District
,
GO
,
2016
,
Pre-Refunded
,
4
%
,
8/01/33
.............
5,000,000
5,782,332
Hogansville
Ga
Combined
Public
Utility
System
,
Revenue
,
1993
,
Refunding
,
AGMC
Insured
,
6
%
,
10/01/23
..............................................
980,000
1,080,635
Lawrenceville
Building
Authority
,
City
of
Lawrenceville
,
Revenue
,
2015
,
5
%
,
4/01/35
.
2,270,000
2,591,555
Macon
Water
Authority
,
Revenue
,
2015
,
4
%
,
10/01/35
........................
2,810,000
3,206,646
Main
Street
Natural
Gas,
Inc.
,
Revenue,
2007
A,
5.5%,
9/15/27
......................................
5,000,000
6,201,869
Revenue,
2019
A,
5%,
5/15/38
........................................
2,500,000
3,539,750
Metropolitan
Atlanta
Rapid
Transit
Authority
,
Revenue
,
2015
B
,
5
%
,
7/01/45
........
5,000,000
5,957,824
Monroe
County
Public
Facilities
Authority
,
County
of
Monroe
,
Revenue
,
2020
,
4
%
,
6/01/42
.........................................................
1,000,000
1,172,518
Moultrie-Colquitt
Counties
Development
Authority
,
Philadelphia
College
of
Osteopathic
Medicine
Obligated
Group
,
Revenue
,
2018
,
5
%
,
12/01/43
...................
4,815,000
5,888,754
Municipal
Electric
Authority
of
Georgia
,
Revenue,
2019
A,
AGMC
Insured,
4%,
1/01/44
............................
5,000,000
5,701,266
Revenue,
2020
A,
Refunding,
5%,
1/01/50
...............................
3,500,000
4,384,393
Revenue,
2021
A,
Refunding,
4%,
1/01/46
...............................
330,000
373,579
Revenue,
2021
A,
Refunding,
4%,
1/01/51
...............................
425,000
477,896
Revenue,
2021
A,
Refunding,
5%,
1/01/56
...............................
750,000
908,817
Revenue,
GG,
Refunding,
5%,
1/01/39
..................................
7,000,000
7,323,889
Municipal
Gas
Authority
of
Georgia
,
Revenue,
S,
Refunding,
5%,
10/01/25
..................................
2,500,000
2,594,113
Revenue,
S,
Refunding,
5%,
10/01/26
..................................
2,500,000
2,594,215
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
63
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Paulding
County
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2012
A
,
5
%
,
4/01/42
........................................
$
3,500,000
$
3,550,657
Pierce
County
School
District
,
GO
,
2017
,
4
%
,
1/01/43
........................
3,725,000
4,287,095
Private
Colleges
&
Universities
Authority
,
Corp.
of
Mercer
University
(The),
Revenue,
2021,
Refunding,
4%,
10/01/50
......
5,400,000
6,286,069
Emory
University,
Revenue,
2013
A,
5%,
10/01/43
.........................
5,000,000
5,360,109
Emory
University,
Revenue,
2019
B,
Refunding,
5%,
9/01/48
.................
4,000,000
5,015,961
Pulaski
County
School
District
,
GO
,
2020
,
4
%
,
10/01/42
......................
1,000,000
1,205,914
Richmond
County
Hospital
Authority
,
University
Health
Services
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
4
%
,
1/01/35
.................................
8,000,000
8,936,146
Sandy
Springs
Public
Facilities
Authority
,
City
of
Sandy
Springs
,
Revenue
,
2015
,
Pre-
Refunded
,
5
%
,
5/01/41
.............................................
3,000,000
3,582,645
Savannah
Hospital
Authority
,
St.
Joseph's/Candler
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/43
...............................
10,000,000
11,471,007
Sinclair
Water
Authority
,
Revenue
,
2019
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/48
...
2,000,000
2,474,324
State
of
Georgia
,
GO,
2017
A,
4%,
2/01/36
............................................
5,000,000
5,730,706
GO,
2018
A,
4%,
7/01/36
............................................
5,000,000
5,924,189
Worth
County
School
District
,
GO
,
2017
,
5
%
,
12/01/42
.......................
5,000,000
6,114,757
454,308,476
Illinois
0.3%
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
1,000,000
1,169,944
GO,
2021
A,
5%,
3/01/37
............................................
250,000
316,517
1,486,461
New
Jersey
0.3%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2020
AA
,
5
%
,
6/15/37
...
1,220,000
1,545,699
New
York
0.7%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/46
..........
3,000,000
3,434,762
Wisconsin
0.6%
b
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
.................................
3,100,000
3,100,000
U.S.
Territories
2.3%
Puerto
Rico
2.3%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
560,000
607,302
a
Revenue,
XX-RSA-1,
5.25%,
7/01/40
...................................
2,270,000
2,241,625
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/32
...................
4,800,000
5,321,037
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
1,450,000
1,575,521
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
1,100,000
1,199,441
10,944,926
Total
U.S.
Territories
....................................................................
10,944,926
Total
Municipal
Bonds
(Cost
$449,675,947)
.....................................
477,418,234
a
a
a
a
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
64
See
Abbreviations
on
page
200
.
Short
Term
Investments
0.5%
a
a
Principal
Amount
a
Value
Municipal
Bonds
0.5%
Georgia
0.5%
c
Athens-Clarke
County
Unified
Government
Development
Authority
,
University
of
Georgia
Athletic
Association,
Inc.
,
Revenue
,
2005
B
,
LOC
Wells
Fargo
Bank
NA
,
Daily
VRDN
and
Put
,
0.02
%
,
7/01/35
...................................
$
2,500,000
$
2,500,000
Total
Municipal
Bonds
(Cost
$2,500,000)
.......................................
2,500,000
Total
Short
Term
Investments
(Cost
$2,500,000
)
.................................
2,500,000
a
Total
Investments
(Cost
$452,175,947)
99.4%
...................................
$479,918,234
Other
Assets,
less
Liabilities
0.6%
.............................................
2,751,818
Net
Assets
100.0%
...........................................................
$482,670,052
a
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
value
of
this
security
was
$3,100,000,
representing
0.6%
of
net
assets.
c
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
High
Yield
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
65
a
a
Shares
a
Value
a
Management
Investment
Companies
0.6%
Capital
Markets
0.6%
a
Franklin
Liberty
Federal
Intermediate
Tax-Free
Bond
Opportunities
ETF
..........
1,605,000
$
43,030,050
Total
Management
Investment
Companies
(Cost
$41,833,738)
....................
43,030,050
Principal
Amount
a
a
a
a
Corporate
Bonds
0.1%
Commercial
Services
&
Supplies
0.1%
b
CalPlant
I
LLC
,
c
21A,
Senior
Secured
Note,
144A,
9.5%,
10/12/22
..........................
$
1,920,000
1,920,000
21B,
Senior
Secured
Note,
144A,
9.5%,
10/12/22
..........................
7,205,000
7,205,000
9,125,000
Total
Corporate
Bonds
(Cost
$9,125,000)
.......................................
9,125,000
Municipal
Bonds
98.4%
Alabama
2.5%
County
of
Jefferson
,
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/28
....................
7,350,000
5,265,039
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/29
....................
13,465,000
8,886,532
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/30
....................
19,050,000
11,567,072
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/31
....................
24,845,000
13,863,254
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/32
....................
30,825,000
15,843,991
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/33
....................
35,700,000
16,935,787
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/34
....................
28,020,000
12,235,272
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/35
....................
15,000,000
6,035,186
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/36
....................
12,425,000
4,592,643
Sewer,
Revenue,
Sub.
Lien,
2013
F,
Zero
Cpn.,
10/01/39
....................
75,000,000
77,531,183
Selma
Industrial
Development
Board
,
International
Paper
Co.
,
Revenue
,
2011
A
,
5.375
%
,
12/01/35
..................................................
3,250,000
3,262,078
176,018,037
Arizona
1.8%
Arizona
Industrial
Development
Authority
,
b
Doral
Academy
of
Northern
Nevada
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/15/41
............................................
265,000
292,997
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
Second
Tier,
2019
B,
5.125%,
1/01/54
.................................................
3,005,000
2,845,433
Industrial
Development
Authority
of
the
City
of
Phoenix
(The)
,
Downtown
Phoenix
Student
Housing
II
LLC,
Revenue,
2019
A,
5%,
7/01/54
......
1,335,000
1,579,316
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/42
1,000,000
1,179,372
b
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
American
Leadership
Academy,
Inc.,
Revenue,
144A,
2017,
5%,
6/15/47
........
5,450,000
5,587,179
American
Leadership
Academy,
Inc.,
Revenue,
144A,
2019,
Refunding,
5%,
6/15/49
1,235,000
1,303,671
d
American
Leadership
Academy,
Inc.,
Revenue,
144A,
2022,
Refunding,
4%,
6/15/51
4,000,000
4,114,686
d
American
Leadership
Academy,
Inc.,
Revenue,
144A,
2022,
Refunding,
4%,
6/15/57
4,500,000
4,600,327
La
Paz
County
Industrial
Development
Authority
,
Harmony
Public
Schools,
Revenue,
2018
A,
5%,
2/15/38
....................
1,000,000
1,172,443
Harmony
Public
Schools,
Revenue,
2018
A,
5%,
2/15/48
....................
1,000,000
1,157,534
b
Maricopa
County
Industrial
Development
Authority
,
Arizona
Autism
Charter
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
7/01/41
........................................................
370,000
408,635
Arizona
Autism
Charter
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
7/01/51
........................................................
545,000
593,656
Arizona
Autism
Charter
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
7/01/61
........................................................
2,625,000
2,825,742
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
66
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
b
Maricopa
County
Industrial
Development
Authority,
(continued)
Benjamin
Franklin
Charter
School
Obligated
Group,
Revenue,
144A,
2018
A,
6%,
7/01/38
........................................................
$
5,000,000
$
6,062,432
Benjamin
Franklin
Charter
School
Obligated
Group,
Revenue,
144A,
2018
A,
6%,
7/01/52
........................................................
10,000,000
11,910,726
Salt
Verde
Financial
Corp.
,
Revenue,
2007-1,
5.25%,
12/01/25
....................................
6,000,000
6,995,737
Revenue,
2007-1,
5.5%,
12/01/29
.....................................
11,105,000
14,413,597
b
Sierra
Vista
Industrial
Development
Authority
,
Georgetown
Community
Development
Authority,
Revenue,
144A,
2021
A,
Zero
Cpn.,
10/01/56
.......................................................
18,880,000
15,682,087
Georgetown
Community
Development
Authority,
Revenue,
144A,
2021
B,
6.25%,
10/01/36
.......................................................
3,945,000
3,922,649
Tempe
Industrial
Development
Authority
,
b
Mirabella
at
ASU,
Inc.,
Revenue,
144A,
2017
A,
6%,
10/01/37
................
1,900,000
2,105,132
b
Mirabella
at
ASU,
Inc.,
Revenue,
144A,
2017
A,
6.125%,
10/01/47
.............
4,850,000
5,333,219
b
Mirabella
at
ASU,
Inc.,
Revenue,
144A,
2017
A,
6.125%,
10/01/52
.............
2,800,000
3,071,446
Tempe
Life
Care
Village
Obligated
Group,
Revenue,
2019,
5%,
12/01/50
........
4,300,000
4,820,378
Tempe
Life
Care
Village
Obligated
Group,
Revenue,
2019,
5%,
12/01/54
........
8,000,000
8,952,176
Tempe
Life
Care
Village
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
12/01/46
.......................................................
2,500,000
2,725,348
Tempe
Life
Care
Village
Obligated
Group,
Revenue,
2021
B,
4%,
12/01/56
.......
2,130,000
2,288,022
Yuma
County
Industrial
Development
Authority
,
Far
West
Water
&
Sewer,
Inc.
,
Revenue
,
2007
A
,
Refunding
,
6.375
%
,
12/01/37
...........................
14,200,000
14,198,792
130,142,732
California
18.6%
Alvord
Unified
School
District
,
GO
,
2011
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/41
.....
30,750,000
17,674,353
b
California
Community
Housing
Agency
,
Revenue,
144A,
2021
A-2,
4%,
2/01/50
.................................
5,000,000
5,069,255
Revenue,
Junior
Lien,
144A,
2021
A,
4%,
8/01/51
.........................
10,000,000
10,051,402
Annadel
Apartments,
Revenue,
144A,
2019
A,
5%,
4/01/49
..................
10,800,000
11,824,339
Aster
Apartments,
Revenue,
Junior
Lien,
144A,
2021
A-2,
4%,
2/01/43
..........
8,995,000
9,436,042
Brio
Apartments
&
Next
on
Lex
Apartments,
Revenue,
144A,
2021
A-2,
4%,
8/01/47
12,500,000
12,801,859
Brio
Apartments
&
Next
on
Lex
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
....................................................
12,000,000
12,568,213
K
Street
Flats,
Revenue,
144A,
2021
A-2,
4%,
8/01/50
......................
16,500,000
16,670,874
Mira
Vista
Hills
Apartments,
Revenue,
144A,
2021
A,
4%,
2/01/56
.............
30,500,000
31,111,516
California
County
Tobacco
Securitization
Agency
,
Alameda
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2002
,
5.875
%
,
6/01/35
......................
2,815,000
2,819,934
b
California
Municipal
Finance
Authority
,
California
Baptist
University,
Revenue,
144A,
2015
A,
5.5%,
11/01/45
...........
17,400,000
19,878,924
California
Baptist
University,
Revenue,
144A,
2016
A,
5%,
11/01/46
............
6,800,000
7,825,764
Capital
Christian
Center,
Revenue,
144A,
2021
A,
5%,
10/01/51
...............
8,425,000
9,175,294
b
California
Pollution
Control
Financing
Authority
,
e
CalPlant
I
LLC,
Revenue,
144A,
2017,
7.5%,
7/01/32
.......................
24,500,000
14,700,000
e
CalPlant
I
LLC,
Revenue,
144A,
2017,
8%,
7/01/39
........................
10,000,000
6,000,000
CalPlant
I
LLC,
Revenue,
144A,
2020,
7.5%,
7/01/32
.......................
10,000,000
8,500,000
Rialto
Bioenergy
Facility
LLC,
Revenue,
144A,
2018,
6.75%,
12/01/28
..........
950,000
864,578
Rialto
Bioenergy
Facility
LLC,
Revenue,
144A,
2018,
7.5%,
12/01/40
...........
5,300,000
4,411,734
b
California
Public
Finance
Authority
,
Crossroads
Christian
Schools
Obligated
Group,
Revenue,
144A,
2020,
5%,
1/01/56
4,015,000
4,172,317
Keck
Graduate
Institute
of
Applied
Life
Sciences,
Revenue,
144A,
2017
A,
Refunding,
5%,
7/01/47
............................................
2,900,000
2,600,326
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
67
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
b
California
Public
Finance
Authority,
(continued)
Kendal
at
Sonoma
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
5%,
11/15/46
.......................................................
$
1,250,000
$
1,437,733
California
State
Public
Works
Board
,
Revenue
,
2012
A
,
Refunding
,
5
%
,
4/01/30
....
17,785,000
18,068,854
California
Statewide
Communities
Development
Authority
,
b
Lancer
Educational
Housing
LLC,
Revenue,
144A,
2016
A,
Refunding,
5%,
6/01/36
7,210,000
8,262,884
Loma
Linda
University
Medical
Center
Obligated
Group,
Revenue,
2014
A,
5.25%,
12/01/44
.......................................................
20,555,000
23,189,833
b
Loma
Linda
University
Medical
Center
Obligated
Group,
Revenue,
144A,
2016
A,
5.25%,
12/01/56
.................................................
3,000,000
3,453,191
b
NCCD-Hooper
Street
LLC,
Revenue,
144A,
2019,
5.25%,
7/01/39
.............
1,275,000
1,404,558
b
NCCD-Hooper
Street
LLC,
Revenue,
144A,
2019,
5.25%,
7/01/49
.............
3,725,000
4,039,442
Centinela
Valley
Union
High
School
District
,
GO
,
2012
B
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
8/01/37
.................................................
8,400,000
3,503,880
City
of
San
Buenaventura
,
Community
Memorial
Health
System,
Revenue,
2011,
Pre-Refunded,
8%,
12/01/31
10,000,000
10,000,000
Community
Memorial
Health
System,
Revenue,
2011,
Pre-Refunded,
7.5%,
12/01/41
15,000,000
15,000,000
City
of
San
Francisco
,
5.25
%
,
9/01/49
....................................
10,000,000
10,189,711
City
of
San
Jose
,
Hotel
Tax
,
Special
Tax
,
2011
,
6.5
%
,
5/01/42
..................
10,000,000
10,043,542
b
CMFA
Special
Finance
Agency
,
Solana
at
Grand
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/45
..................................................
11,000,000
10,883,237
b
CMFA
Special
Finance
Agency
VII
,
The
Breakwater
Apartments
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
..................................................
10,400,000
10,532,853
b
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
.........................................
4,500,000
4,550,227
Compton
Community
College
District
,
GO,
2013
D,
Refunding,
BAM
Insured,
Zero
Cpn.,
8/01/30
...................
3,425,000
2,203,900
GO,
2013
D,
Refunding,
BAM
Insured,
Zero
Cpn.,
8/01/32
...................
4,000,000
2,238,188
GO,
2013
D,
Refunding,
BAM
Insured,
Zero
Cpn.,
8/01/34
...................
4,560,000
2,205,699
GO,
2013
D,
Refunding,
BAM
Insured,
Zero
Cpn.,
8/01/36
...................
5,250,000
2,200,535
GO,
2013
D,
Refunding,
BAM
Insured,
Zero
Cpn.,
8/01/37
...................
3,065,000
1,195,683
GO,
2013
D,
Refunding,
BAM
Insured,
Zero
Cpn.,
8/01/38
...................
6,000,000
2,179,956
b
CSCDA
Community
Improvement
Authority
,
Dublin,
Revenue,
144A,
2021
B,
4%,
2/01/57
.............................
2,000,000
2,027,966
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-2,
3.125%,
8/01/56
10,000,000
9,244,226
Parrallel-Anaheim,
Revenue,
144A,
2021
A,
4%,
8/01/56
....................
8,000,000
8,298,660
Pasadena
Portfolio,
Revenue,
144A,
2021
B,
4%,
12/01/56
..................
2,500,000
2,530,872
Union
South
Bay,
Revenue,
144A,
2021
A-2,
4%,
7/01/56
....................
12,500,000
13,056,542
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/30
..............
10,000,000
11,686,488
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/31
..............
7,295,000
8,712,280
Revenue,
Junior
Lien,
2021
C,
Refunding,
4%,
1/15/43
.....................
30,215,000
35,183,996
Revenue,
Junior
Lien,
C,
Pre-Refunded,
6.25%,
1/15/33
.....................
17,580,000
19,615,410
Golden
State
Tobacco
Securitization
Corp.
,
Revenue,
2007
B,
Zero
Cpn.,
6/01/47
...................................
50,000,000
11,406,030
Revenue,
2018
A-2,
Refunding,
5%,
6/01/47
.............................
20,000,000
20,433,814
M-S-R
Energy
Authority
,
Revenue,
2009
B,
6.125%,
11/01/29
...................................
28,865,000
35,988,244
Revenue,
2009
B,
7%,
11/01/34
.......................................
20,000,000
30,587,682
Revenue,
2009
C,
6.5%,
11/01/39
.....................................
20,000,000
32,062,558
Palmdale
Elementary
School
District
,
Community
Facilities
District
No.
90-1,
Special
Tax,
2012
A,
AGMC
Insured,
Zero
Cpn.,
8/01/28
...................................................
1,500,000
1,356,604
Community
Facilities
District
No.
90-1,
Special
Tax,
2012
A,
AGMC
Insured,
Zero
Cpn.,
8/01/30
...................................................
1,250,000
1,069,528
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
68
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Palmdale
Elementary
School
District,
(continued)
Community
Facilities
District
No.
90-1,
Special
Tax,
2012
A,
AGMC
Insured,
Zero
Cpn.,
8/01/31
...................................................
$
1,250,000
$
1,040,042
Community
Facilities
District
No.
90-1,
Special
Tax,
2012
A,
AGMC
Insured,
Zero
Cpn.,
8/01/34
...................................................
2,500,000
2,724,251
River
Islands
Public
Financing
Authority
,
Community
Facilities
District
No.
2021-1,
Special
Tax,
2021,
4%,
9/01/28
........
480,000
526,178
Community
Facilities
District
No.
2021-1,
Special
Tax,
2021,
4%,
9/01/32
........
520,000
563,504
Riverside
County
Transportation
Commission
,
Revenue,
Senior
Lien,
2013
B,
Zero
Cpn.,
6/01/32
.........................
4,000,000
3,235,790
Revenue,
Senior
Lien,
2013
B,
Zero
Cpn.,
6/01/33
.........................
5,500,000
4,338,142
Revenue,
Senior
Lien,
2013
B,
Zero
Cpn.,
6/01/41
.........................
5,000,000
3,159,824
Revenue,
Senior
Lien,
2013
B,
Zero
Cpn.,
6/01/42
.........................
7,000,000
4,291,559
San
Diego
Unified
School
District
,
GO,
2012
E,
Zero
Cpn.,
7/01/42
.......................................
44,565,000
44,039,146
GO,
2012
E,
Zero
Cpn.,
7/01/47
.......................................
33,305,000
34,540,742
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue,
1997
A,
Refunding,
6%,
1/15/45
...............................
35,834,000
53,596,050
Revenue,
1997
A,
Refunding,
6%,
1/15/46
...............................
35,834,000
53,979,033
Revenue,
Junior
Lien,
ETM,
Zero
Cpn.,
1/01/24
...........................
52,700,000
52,305,683
Revenue,
Junior
Lien,
ETM,
Zero
Cpn.,
1/01/25
...........................
45,200,000
44,676,250
Revenue,
Junior
Lien,
ETM,
Zero
Cpn.,
1/01/26
...........................
131,900,000
128,801,695
Revenue,
Junior
Lien,
ETM,
Zero
Cpn.,
1/01/27
...........................
139,100,000
133,652,761
Revenue,
Junior
Lien,
2014
B,
Refunding,
5.25%,
1/15/44
...................
20,000,000
22,293,046
Revenue,
Junior
Lien,
2014
B,
Refunding,
5.25%,
1/15/49
...................
25,000,000
27,816,445
San
Mateo
Foster
City
School
District
,
GO
,
A
,
Zero
Cpn.,
8/01/42
...............
40,000,000
45,813,716
San
Mateo
Union
High
School
District
,
GO
,
2011
A
,
Zero
Cpn.,
9/01/41
...........
20,000,000
24,045,418
San
Ysidro
School
District
,
GO,
2015,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/42
...................
10,000,000
3,877,600
GO,
2015,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/43
...................
12,500,000
4,586,909
Silicon
Valley
Tobacco
Securitization
Authority
,
Revenue,
2007
A,
Zero
Cpn.,
6/01/36
...................................
15,000,000
6,716,437
Revenue,
2007
C,
Zero
Cpn.,
6/01/56
..................................
60,000,000
7,063,434
Southern
California
Public
Power
Authority
,
Revenue
,
2007
A
,
5.25
%
,
11/01/27
.....
9,855,000
12,200,238
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2006
B,
Zero
Cpn.,
6/01/46
........................................................
50,000,000
11,072,545
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2019
B-2,
Refunding,
Zero
Cpn.,
6/01/54
......................................
18,000,000
3,528,470
1,332,686,438
Colorado
5.1%
3rd
and
Havana
Metropolitan
District
,
GO
,
2020
A
,
5.25
%
,
12/01/49
.............
3,775,000
4,110,988
9th
Avenue
Metropolitan
District
No.
2
,
GO
,
2018
,
5
%
,
12/01/48
................
7,420,000
7,862,478
Aerotropolis
Regional
Transportation
Authority
,
Revenue
,
2019
,
5
%
,
12/01/51
......
5,500,000
5,948,408
Allison
Valley
Metropolitan
District
No.
1
,
GO
,
2020
,
Refunding
,
5
%
,
12/01/47
......
4,250,000
4,563,665
Allison
Valley
Metropolitan
District
No.
2
,
GO
,
2020
,
Refunding
,
4.7
%
,
12/01/47
.....
3,000,000
3,189,218
Aurora
Crossroads
Metropolitan
District
No.
2
,
GO,
Senior
Lien,
2020
A,
5%,
12/01/40
.................................
1,500,000
1,643,131
GO,
Senior
Lien,
2020
A,
5%,
12/01/50
.................................
1,500,000
1,628,365
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
69
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Banning
Lewis
Ranch
Regional
Metropolitan
District
No.
1
,
GO
,
2018
A
,
5.375
%
,
12/01/48
........................................................
$
2,245,000
$
2,404,629
Baseline
Metropolitan
District
No.
1
,
GO,
2021
A,
5%,
12/01/42
...........................................
555,000
594,820
GO,
2021
A,
5%,
12/01/51
...........................................
1,000,000
1,067,287
GO,
2021
B,
7.5%,
12/15/51
.........................................
2,190,000
2,194,099
b
Bent
Grass
Metropolitan
District
,
GO
,
144A,
2020
,
Refunding
,
5.25
%
,
12/01/49
.....
1,685,000
1,836,007
Bradburn
Metropolitan
District
No.
2
,
GO,
2018
A,
Refunding,
5%,
12/01/38
..................................
600,000
686,177
GO,
2018
A,
Refunding,
5%,
12/01/47
..................................
2,400,000
2,705,773
Brighton
Crossing
Metropolitan
District
No.
4
,
GO,
2017
A,
5%,
12/01/37
...........................................
525,000
552,077
GO,
2017
A,
5%,
12/01/47
...........................................
2,440,000
2,558,610
Brighton
Crossing
Metropolitan
District
No.
6
,
GO
,
2020
A(3)
,
5
%
,
12/01/50
........
2,000,000
2,182,968
b
Broadway
Park
North
Metropolitan
District
No.
2
,
GO,
144A,
2020,
Refunding,
5%,
12/01/40
...............................
1,325,000
1,462,603
GO,
144A,
2020,
Refunding,
5%,
12/01/49
...............................
1,575,000
1,727,216
b
Broomfield
Village
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-2
,
Refunding
,
5
%
,
12/01/49
........................................................
740,000
790,451
Centerra
Metropolitan
District
No.
1
,
GO
,
2020
A
,
Refunding
,
5
%
,
12/01/51
........
4,000,000
4,375,432
Clear
Creek
Transit
Metropolitan
District
No.
2
,
GO,
2021
A,
5%,
12/01/41
...........................................
580,000
634,200
GO,
2021
A,
5%,
12/01/50
...........................................
1,000,000
1,090,541
Colorado
Health
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/44
4,300,000
5,285,924
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
4%,
8/01/49
11,990,000
13,670,410
Frasier
Meadows
Manor,
Inc.
Obligated
Group,
Revenue,
2017
A,
Refunding,
5.25%,
5/15/47
........................................................
6,500,000
7,498,926
Frasier
Meadows
Manor,
Inc.
Obligated
Group,
Revenue,
2017
B,
Refunding,
5%,
5/15/48
........................................................
12,255,000
13,058,329
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/45
...
1,000,000
1,165,077
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/50
...
4,525,000
5,251,780
Conestoga
Metropolitan
District
No.
2
,
GO
,
2021
A-3
,
Refunding
,
5.25
%
,
12/01/51
..
1,625,000
1,692,406
Constitution
Heights
Metropolitan
District
,
GO
,
2020
,
Refunding
,
5
%
,
12/01/49
.....
1,760,000
1,910,055
Copperleaf
Metropolitan
District
No.
6
,
GO
,
2018
A
,
5.25
%
,
12/01/48
.............
3,850,000
4,105,258
Cornerstar
Metropolitan
District
,
GO,
A,
Refunding,
5.125%,
12/01/37
...................................
2,000,000
2,099,805
GO,
A,
Refunding,
5.25%,
12/01/47
....................................
5,200,000
5,451,190
Cottonwood
Highlands
Metropolitan
District
No.
1
,
GO
,
2019
A
,
5
%
,
12/01/49
......
900,000
963,616
b
Denver
Health
&
Hospital
Authority
,
Revenue,
144A,
2017
A,
Refunding,
4%,
12/01/35
.........................
5,000,000
5,673,771
Revenue,
144A,
2017
A,
Refunding,
4%,
12/01/36
.........................
5,000,000
5,667,625
Denver
International
Business
Center
Metropolitan
District
No.
1
,
GO
,
2019
B
,
6
%
,
12/01/48
........................................................
4,290,000
4,645,207
b
DIATC
Metropolitan
District
,
GO
,
144A,
2019
,
Refunding
,
5
%
,
12/01/49
...........
2,000,000
2,150,507
E-470
Public
Highway
Authority
,
Revenue
,
2004
A
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
9/01/28
.....................................................
15,000,000
13,723,911
Eagle
Brook
Meadows
Metropolitan
District
No.
3
,
GO
,
2021
,
5
%
,
12/01/51
........
1,600,000
1,677,618
Evan's
Place
Metropolitan
District
,
GO,
2020
A(3),
5%,
12/01/40
.........................................
550,000
608,007
GO,
2020
A(3),
5%,
12/01/50
.........................................
1,575,000
1,726,150
First
Creek
Village
Metropolitan
District
,
GO,
2019
A,
5%,
12/01/39
...........................................
595,000
652,499
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
70
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
First
Creek
Village
Metropolitan
District,
(continued)
GO,
2019
A,
5%,
8/01/49
............................................
$
540,000
$
586,945
Greenways
Metropolitan
District
No.
1
,
GO
,
2021
A-3
,
4.625
%
,
12/01/51
..........
1,580,000
1,587,257
b
Hidden
Creek
Metropolitan
District
,
GO
,
144A,
2021
A
,
4.625
%
,
12/01/45
.........
1,140,000
1,139,181
b
Horizon
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A
,
4.5
%
,
12/01/51
...........
1,675,000
1,697,631
Hunters
Overlook
Metropolitan
District
No.
5
,
GO,
2019
A,
5%,
12/01/39
...........................................
750,000
826,421
GO,
2019
A,
5%,
12/01/49
...........................................
1,000,000
1,091,241
b
Jacoby
Farm
Metropolitan
District
,
GO
,
144A,
2021
,
Refunding
,
5
%
,
12/15/46
......
5,000,000
5,048,743
b
Jay
Grove
Metropolitan
District
,
GO
,
144A,
2021
,
4.25
%
,
12/01/51
..............
1,225,000
1,225,591
Jefferson
Center
Metropolitan
District
No.
1
,
Revenue,
2020
A-2,
4.125%,
12/01/40
..................................
575,000
606,829
Revenue,
2020
A-2,
4.375%,
12/01/47
..................................
1,125,000
1,187,931
Johnstown
Farms
East
Metropolitan
District
,
GO
,
2021
,
5
%
,
12/01/51
............
1,500,000
1,514,622
b
Karl's
Farm
Metropolitan
District
No.
2
,
GO,
144A,
2020
A(3),
5.375%,
12/01/40
.................................
645,000
708,361
GO,
144A,
2020
A(3),
5.625%,
12/01/50
.................................
1,900,000
2,083,397
Leyden
Rock
Metropolitan
District
,
GO
,
2016
A
,
Refunding
,
5
%
,
12/01/45
.........
3,020,000
3,110,600
Liberty
Ranch
Metropolitan
District
,
GO
,
2021
A
,
Refunding
,
5.25
%
,
12/01/51
......
6,590,000
6,615,329
Meadowlark
Metropolitan
District
,
Meadowland
Metropolitan
District,
GO,
Senior
Lien,
2020
A,
4.875%,
12/01/40
....
520,000
562,356
Meadowland
Metropolitan
District,
GO,
Senior
Lien,
2020
A,
5.125%,
12/01/50
....
750,000
814,982
Morgan
Hill
Metropolitan
District
No.
3
,
GO
,
2021
B
,
Refunding
,
6.375
%
,
12/15/51
...
1,465,000
1,488,531
Murphy
Creek
Metropolitan
District
No.
4
,
GO
,
2021
,
5
%
,
12/01/51
..............
8,000,000
8,062,305
Nexus
North
at
DIA
Metropolitan
District
,
GO
,
2021
,
5
%
,
12/01/51
...............
565,000
611,125
Palisade
Park
West
Metropolitan
District
,
GO
,
2019
A
,
5.125
%
,
12/01/49
..........
1,500,000
1,607,326
b
Plaza
Metropolitan
District
No.
1
,
Tax
Allocation
,
144A,
2013
,
Refunding
,
5
%
,
12/01/40
3,000,000
3,062,405
Prairie
Center
Metropolitan
District
No.
7
,
GO,
2020,
4.125%,
12/15/36
.........................................
500,000
540,099
GO,
2020,
4.875%,
12/15/44
.........................................
725,000
783,499
GO,
2021,
6.375%,
6/15/46
..........................................
1,330,000
1,333,323
Pronghorn
Valley
Metropolitan
District
,
GO,
2021
A,
3.75%,
12/01/41
.........................................
515,000
525,053
GO,
2021
A,
4%,
12/01/51
...........................................
650,000
663,441
Ptarmigan
West
Metropolitan
District
No.
2
,
GO
,
2021-3
,
4.125
%
,
12/01/51
........
1,475,000
1,476,378
Public
Authority
for
Colorado
Energy
,
Revenue,
2008,
6.125%,
11/15/23
.....................................
1,125,000
1,216,829
Revenue,
2008,
6.25%,
11/15/28
......................................
12,500,000
15,644,991
Revenue,
2008,
6.5%,
11/15/38
.......................................
60,100,000
93,405,269
Raindance
Metropolitan
District
No.
1
,
Non-Potable
Water
System,
Revenue,
2020,
5%,
12/01/40
...................
625,000
682,616
Non-Potable
Water
System,
Revenue,
2020,
5.25%,
12/01/50
................
4,250,000
4,640,120
Rampart
Range
Metropolitan
District
No.
5
,
Revenue,
2021,
4%,
12/01/36
........................................
1,250,000
1,299,969
Revenue,
2021,
4%,
12/01/41
........................................
2,730,000
2,816,546
Revenue,
2021,
4%,
12/01/51
........................................
6,670,000
6,834,092
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
71
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Reunion
Metropolitan
District
,
Revenue
,
2021
A
,
3.625
%
,
12/01/44
..............
$
2,000,000
$
1,996,927
Ritoro
Metropolitan
District
,
GO
,
2019
A
,
5
%
,
12/01/49
.......................
2,000,000
2,143,684
Severance
Shores
Metropolitan
District
No.
4
,
GO
,
2020
A
,
5
%
,
12/01/49
.........
2,900,000
3,156,581
Sierra
Ridge
Metropolitan
District
No.
2
,
GO,
Senior
Lien
,
2016
A
,
5.5
%
,
12/01/46
...
1,500,000
1,547,586
South
Aurora
Regional
Improvement
Authority
,
Revenue
,
2018
,
6.25
%
,
12/01/57
....
2,815,000
2,997,812
Southglenn
Metropolitan
District
,
GO,
2016,
Refunding,
5%,
12/01/30
....................................
3,470,000
3,580,328
GO,
2016,
Refunding,
5%,
12/01/36
....................................
810,000
835,544
GO,
2016,
Refunding,
5%,
12/01/46
....................................
4,200,000
4,331,666
STC
Metropolitan
District
No.
2
,
GO,
2019
A,
Refunding,
5%,
12/01/38
..................................
2,000,000
2,187,565
GO,
2019
A,
Refunding,
5%,
12/01/49
..................................
1,000,000
1,086,478
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2,
Revenue,
2020
A,
Refunding,
3.75%,
12/01/40
.................................................
500,000
546,954
Sterling
Ranch
Colorado
Metropolitan
District
No.
2,
Revenue,
2020
A,
Refunding,
4.25%,
12/01/50
.................................................
1,150,000
1,275,349
Timberleaf
Metropolitan
District
,
GO
,
2020
A
,
5.75
%
,
12/01/50
..................
1,730,000
1,904,869
Village
at
Dry
Creek
Metropolitan
District
No.
2
(The)
,
GO
,
2019
,
4.375
%
,
12/01/44
..
1,370,000
1,448,125
Village
Metropolitan
District
(The)
,
GO,
2020,
Refunding,
5%,
12/01/40
....................................
1,100,000
1,236,579
GO,
2020,
Refunding,
5%,
12/01/49
....................................
1,750,000
1,956,540
Villages
at
Castle
Rock
Metropolitan
District
No.
4
,
1989
,
11.12
%
,
6/01/31
.........
3,000,000
2,700,000
Wild
Plum
Metropolitan
District
,
GO
,
2019
A
,
5
%
,
12/01/49
....................
595,000
645,288
Willow
Bend
Metropolitan
District
,
GO,
Senior
Lien
,
2019
A
,
5
%
,
12/01/49
.........
1,000,000
1,074,701
368,241,124
Connecticut
0.5%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
b
Church
Home
of
Hartford
Obligated
Group,
Revenue,
144A,
2016
A,
5%,
9/01/46
..
1,000,000
1,106,022
b
Church
Home
of
Hartford
Obligated
Group,
Revenue,
144A,
A,
5%,
9/01/53
......
7,850,000
8,656,443
Masonicare
Corp.
Obligated
Group,
Revenue,
F,
Refunding,
5%,
7/01/37
........
5,500,000
6,223,839
Masonicare
Corp.
Obligated
Group,
Revenue,
F,
Refunding,
5%,
7/01/43
........
13,000,000
14,601,721
b
McLean
Affiliates
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
1/01/45
........
2,000,000
2,220,654
b
McLean
Affiliates
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
1/01/55
........
2,800,000
3,091,639
b
Steel
Point
Infrastructure
Improvement
District
,
Tax
Allocation,
144A,
2021,
4%,
4/01/31
.................................
100,000
110,108
Tax
Allocation,
144A,
2021,
4%,
4/01/36
.................................
605,000
649,745
Tax
Allocation,
144A,
2021,
4%,
4/01/41
.................................
575,000
610,981
Tax
Allocation,
144A,
2021,
4%,
4/01/51
.................................
1,655,000
1,726,452
38,997,604
Florida
12.5%
Artisan
Lakes
East
Community
Development
District
,
Special
Assessment,
2021-1,
2.3%,
5/01/26
..............................
225,000
225,483
Special
Assessment,
2021-1,
2.75%,
5/01/31
.............................
250,000
250,841
Special
Assessment,
2021-1,
3.125%,
5/01/41
............................
470,000
473,433
Special
Assessment,
2021-1,
4%,
5/01/51
...............................
455,000
482,096
b
Special
Assessment,
144A,
2021-2,
2.75%,
5/01/31
........................
275,000
275,921
b
Special
Assessment,
144A,
2021-2,
3.125%,
5/01/41
.......................
515,000
518,762
b
Special
Assessment,
144A,
2021-2,
4%,
5/01/52
..........................
550,000
582,753
b
Astonia
Community
Development
District
,
Special
Assessment,
144A,
2020,
4%,
5/01/40
............................
550,000
591,532
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
72
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
b
Astonia
Community
Development
District,
(continued)
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
$
1,395,000
$
1,479,236
Assessment
Area
2,
Special
Assessment,
144A,
2021,
2.5%,
5/01/26
...........
200,000
200,791
Assessment
Area
2,
Special
Assessment,
144A,
2021,
3%,
5/01/31
............
500,000
504,781
Assessment
Area
2,
Special
Assessment,
144A,
2021,
3.2%,
5/01/41
...........
1,030,000
1,039,176
Assessment
Area
2,
Special
Assessment,
144A,
2021,
4%,
5/01/52
............
800,000
840,349
North
Parcel
Assessment
Area,
Special
Assessment,
144A,
2021,
2.5%,
5/01/26
..
240,000
240,804
North
Parcel
Assessment
Area,
Special
Assessment,
144A,
2021,
3%,
5/01/31
....
320,000
323,065
North
Parcel
Assessment
Area,
Special
Assessment,
144A,
2021,
3.2%,
5/01/41
..
875,000
882,082
North
Parcel
Assessment
Area,
Special
Assessment,
144A,
2021,
4%,
5/01/51
....
500,000
525,218
Avalon
Groves
Community
Development
District
,
Special
Assessment,
2021,
3.125%,
5/01/41
.............................
360,000
362,396
Special
Assessment,
2021,
4%,
5/01/51
.................................
500,000
535,929
Assessment
Area
3,
Special
Assessment,
2021,
3%,
5/01/32
.................
200,000
203,472
Assessment
Area
3,
Special
Assessment,
2021,
3.375%,
5/01/41
..............
500,000
511,528
Assessment
Area
3,
Special
Assessment,
2021,
4%,
5/01/51
.................
500,000
531,380
Avalon
Park
West
Community
Development
District
,
Special
Assessment,
2020,
Refunding,
3.25%,
5/01/30
......................
215,000
223,922
Special
Assessment,
2020,
Refunding,
3.75%,
5/01/40
......................
580,000
612,599
Special
Assessment,
2020,
Refunding,
4%,
5/01/51
........................
880,000
928,195
Avenir
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2021
A-1,
2.25%,
5/01/26
............
2,250,000
2,257,749
Assessment
Area
2,
Special
Assessment,
2021
A-1,
2.75%,
5/01/31
............
3,250,000
3,252,274
Assessment
Area
2,
Special
Assessment,
2021
A-1,
3.2%,
5/01/41
.............
5,000,000
5,072,907
Assessment
Area
2,
Special
Assessment,
2021
A-1,
3.4%,
5/01/52
.............
10,000,000
10,107,759
Aviary
at
Rutland
Ranch
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2021,
3.1%,
11/01/31
...............
170,000
173,015
Assessment
Area
2,
Special
Assessment,
2021,
3.4%,
11/01/41
...............
410,000
418,662
Assessment
Area
2,
Special
Assessment,
2021,
4%,
11/01/51
................
750,000
788,877
Babcock
Ranch
Community
Independent
Special
District
,
Special
Assessment,
2021,
2.875%,
5/01/31
.............................
465,000
468,273
Special
Assessment,
2021,
3.2%,
5/01/41
...............................
3,250,000
3,277,045
Special
Assessment,
2021,
4%,
5/01/52
.................................
2,000,000
2,105,826
Assessment
Area
2C,
Special
Assessment,
2020,
3%,
5/01/30
................
250,000
259,249
Assessment
Area
2C,
Special
Assessment,
2020,
4%,
5/01/40
................
775,000
839,458
Assessment
Area
2C,
Special
Assessment,
2020,
4%,
5/01/51
................
1,550,000
1,650,376
Assessment
Area
3A,
Special
Assessment,
2020,
3%,
5/01/30
................
250,000
259,253
Assessment
Area
3A,
Special
Assessment,
2020,
4%,
5/01/40
................
1,840,000
1,993,037
Assessment
Area
3A,
Special
Assessment,
2020,
4%,
5/01/50
................
2,500,000
2,663,499
Assessment
Area
3B,
Special
Assessment,
2020,
4%,
5/01/40
................
385,000
417,021
Assessment
Area
3B,
Special
Assessment,
2020,
4%,
5/01/51
................
890,000
947,635
b
Bannon
Lakes
Community
Development
District
,
Special
Assessment,
144A,
2021,
3.5%,
5/01/41
..........................
700,000
720,129
Special
Assessment,
144A,
2021,
4%,
5/01/51
............................
775,000
815,368
Banyan
Cay
Community
Development
District
,
Special
Assessment
,
2020
NM
,
4
%
,
11/01/51
........................................................
3,000,000
3,118,604
Belmond
Reserve
Community
Development
District
,
Special
Assessment,
2020,
4%,
5/01/40
.................................
1,750,000
1,879,842
Special
Assessment,
2020,
4%,
5/01/51
.................................
3,635,000
3,829,279
Belmont
II
Community
Development
District
,
Special
Assessment,
2020,
3.125%,
12/15/30
.............................
325,000
339,103
Special
Assessment,
2020,
3.625%,
12/15/40
.............................
1,390,000
1,457,180
Special
Assessment,
2020,
4%,
12/15/50
................................
1,000,000
1,058,309
Berry
Bay
Community
Development
District
,
Special
Assessment,
2021,
2.625%,
5/01/26
.............................
250,000
252,629
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
73
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Berry
Bay
Community
Development
District,
(continued)
Special
Assessment,
2021,
3.125%,
5/01/31
.............................
$
400,000
$
410,749
Special
Assessment,
2021,
3.625%,
5/01/41
.............................
1,250,000
1,292,348
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,500,000
1,574,419
Boggy
Branch
Community
Development
District
,
Special
Assessment,
2021,
2.5%,
5/01/26
...............................
395,000
398,488
Special
Assessment,
2021,
3%,
5/01/31
.................................
450,000
459,391
Special
Assessment,
2021,
3.5%,
5/01/41
...............................
1,165,000
1,198,930
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,360,000
1,430,838
Brightwater
Community
Development
District
,
Special
Assessment,
2021,
2.85%,
5/01/31
..............................
300,000
300,803
Special
Assessment,
2021,
3.15%,
5/01/41
..............................
1,000,000
1,005,666
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,445,000
1,513,124
b
Cape
Coral
Health
Facilities
Authority
,
Gulf
Care,
Inc.
Obligated
Group
,
Revenue,
Senior
Lien
,
144A,
2015
,
Refunding
,
6
%
,
7/01/45
..........................
5,250,000
5,598,651
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F
,
Revenue
,
2020
A-1
,
Refunding
,
5
%
,
10/01/34
............................................
2,000,000
2,457,897
Capital
Trust
Agency,
Inc.
,
b
AcadeMir
Charter
School
West,
Revenue,
144A,
2021
A,
3%,
7/01/31
..........
100,000
104,496
b
AcadeMir
Charter
School
West,
Revenue,
144A,
2021
A,
4%,
7/01/41
..........
1,200,000
1,325,561
b
AcadeMir
Charter
School
West,
Revenue,
144A,
2021
A,
4%,
7/01/51
..........
1,515,000
1,646,889
b
AcadeMir
Charter
School
West,
Revenue,
144A,
2021
A,
4%,
7/01/56
..........
1,195,000
1,288,675
b
Educational
Growth
Fund
LLC,
Revenue,
144A,
2021
B,
Zero
Cpn.,
7/01/31
......
11,145,000
6,930,859
b
Educational
Growth
Fund
LLC,
Revenue,
Senior
Lien,
144A,
2021
A-1,
5%,
7/01/56
5,000,000
5,728,561
Liza
Jackson
Preparatory
School,
Inc.,
Revenue,
2020
A,
5%,
8/01/55
..........
800,000
954,700
b
Odyssey
Charter
School,
Inc.,
Revenue,
144A,
2019,
5%,
7/01/49
.............
1,270,000
1,419,915
b
Odyssey
Charter
School,
Inc.,
Revenue,
144A,
2019,
5%,
7/01/54
.............
2,390,000
2,666,620
b
Sarasota-Manatee
Jewish
Housing
Council
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
7/01/46
............................................
3,250,000
3,415,987
b
South
Tech
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
6/15/40
......
1,235,000
1,336,526
b
South
Tech
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
6/15/55
......
3,805,000
4,066,232
b
University
Bridge
LLC,
Revenue,
144A,
2018
A,
5.25%,
12/01/43
..............
31,755,000
36,733,143
b
WFCS
Holdings
II
LLC,
Revenue,
144A,
2021
A-1,
3.3%,
1/01/31
..............
100,000
100,232
b
WFCS
Holdings
II
LLC,
Revenue,
144A,
2021
A-1,
5%,
1/01/56
...............
1,050,000
1,171,587
b
WFCS
Holdings
LLC,
Revenue,
144A,
2020
A-1,
5%,
1/01/55
.................
3,500,000
3,888,876
Celebration
Community
Development
District
,
Special
Assessment,
2021,
2.25%,
5/01/26
..............................
100,000
100,071
Special
Assessment,
2021,
2.75%,
5/01/31
..............................
240,000
240,483
Special
Assessment,
2021,
3.125%,
5/01/41
.............................
590,000
592,145
Special
Assessment,
2021,
4%,
5/01/51
.................................
850,000
894,274
Celebration
Pointe
Community
Development
District
No.
1
,
Special
Assessment,
2021,
3%,
5/01/31
.................................
250,000
254,246
Special
Assessment,
2021,
3.375%,
5/01/41
.............................
1,000,000
1,018,597
Special
Assessment,
2021,
4%,
5/01/53
.................................
1,250,000
1,307,341
CFM
Community
Development
District
,
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
195,000
195,933
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,265,000
1,328,802
Chaparral
Palm
Bay
Community
Development
District
,
Special
Assessment,
2020
A-1,
4%,
5/01/40
..............................
1,235,000
1,319,562
Special
Assessment,
2020
A-1,
4%,
5/01/50
..............................
2,015,000
2,123,513
b
Chapel
Creek
Community
Development
District
,
Special
Assessment,
144A,
2021,
3%,
5/01/31
............................
260,000
263,538
Special
Assessment,
144A,
2021,
3.375%,
5/01/41
.........................
875,000
889,128
Special
Assessment,
144A,
2021,
4%,
5/01/52
............................
1,125,000
1,178,038
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
74
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
b
Chapel
Crossings
Community
Development
District
,
Special
Assessment,
144A,
2020,
2.625%,
5/01/25
.........................
$
485,000
$
491,502
Special
Assessment,
144A,
2020,
3.2%,
5/01/30
..........................
695,000
720,961
Special
Assessment,
144A,
2020,
3.7%,
5/01/40
..........................
1,825,000
1,921,283
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
3,010,000
3,172,913
b
Coco
Palms
Community
Development
District
,
Special
Assessment
,
144A,
2019
,
4.75
%
,
6/15/39
...................................................
500,000
562,786
Collier
County
Educational
Facilities
Authority
,
Ave
Maria
University,
Inc.,
Revenue,
2013
A,
Refunding,
6%,
6/01/33
...........
5,500,000
5,848,162
Ave
Maria
University,
Inc.,
Revenue,
2013
A,
Refunding,
6%,
6/01/38
...........
12,000,000
12,732,042
Hodges
University,
Inc.,
Revenue,
2013,
Pre-Refunded,
6.125%,
11/01/43
.......
10,035,000
11,113,237
Coral
Keys
Homes
Community
Development
District
,
Special
Assessment,
2020,
4%,
5/01/40
.................................
570,000
613,520
Special
Assessment,
2020,
4%,
5/01/50
.................................
750,000
792,612
Cordoba
Ranch
Community
Development
District
,
Special
Assessment,
2021,
Refunding,
3%,
5/01/31
........................
835,000
860,422
Special
Assessment,
2021,
Refunding,
3%,
5/01/37
........................
825,000
840,823
b
Crestview
II
Community
Development
District
,
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/31
...................
250,000
280,233
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/37
...................
475,000
521,050
Crystal
Cay
Community
Development
District
,
Special
Assessment,
2021,
2.7%,
5/01/31
...............................
200,000
200,537
Special
Assessment,
2021,
3.05%,
5/01/41
..............................
850,000
854,839
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,000,000
1,056,226
b
Currents
Community
Development
District
,
Special
Assessment,
144A,
2020
A,
4%,
5/01/40
..........................
3,100,000
3,331,601
Special
Assessment,
144A,
2020
A,
4%,
5/01/51
..........................
5,815,000
6,161,289
b
Cypress
Bluff
Community
Development
District
,
Special
Assessment,
144A,
2020
A,
3.125%,
5/01/30
.......................
250,000
260,664
Special
Assessment,
144A,
2020
A,
3.625%,
5/01/40
.......................
800,000
841,791
Special
Assessment,
144A,
2020
A,
3.8%,
5/01/50
.........................
1,175,000
1,233,703
b
Cypress
Park
Estates
Community
Development
District
,
Special
Assessment,
144A,
2020,
3.25%,
5/01/30
.........................
295,000
305,459
Special
Assessment,
144A,
2020,
3.875%,
5/01/40
.........................
1,170,000
1,251,230
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,210,000
1,282,164
DG
Farms
Community
Development
District
,
Special
Assessment,
2020,
2.75%,
5/01/25
..............................
155,000
156,527
Special
Assessment,
2020,
3.25%,
5/01/30
..............................
220,000
226,348
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
365,000
377,245
b
Downtown
Doral
South
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2018
,
5
%
,
12/15/48
.................................
5,310,000
6,173,262
b
DW
Bayview
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.375%,
5/01/26
.........................
410,000
412,541
Special
Assessment,
144A,
2021,
3%,
5/01/32
............................
430,000
437,051
Special
Assessment,
144A,
2021,
3.375%,
5/01/41
.........................
1,160,000
1,182,998
Special
Assessment,
144A,
2021,
4%,
5/01/51
............................
750,000
791,192
East
547
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2021,
2.5%,
5/01/26
................
160,000
160,687
Assessment
Area
1,
Special
Assessment,
2021,
3%,
5/01/31
.................
140,000
141,812
Assessment
Area
1,
Special
Assessment,
2021,
3.3%,
5/01/41
................
600,000
609,231
Assessment
Area
1,
Special
Assessment,
2021,
4%,
5/01/51
.................
830,000
871,178
East
Bonita
Beach
Road
Community
Development
District
,
Special
Assessment,
2021,
3%,
5/01/32
.................................
255,000
259,187
Special
Assessment,
2021,
3.25%,
5/01/41
..............................
750,000
764,629
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
75
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
East
Bonita
Beach
Road
Community
Development
District,
(continued)
Special
Assessment,
2021,
4%,
5/01/51
.................................
$
750,000
$
798,114
East
Nassau
Stewardship
District
,
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
330,000
331,966
Special
Assessment,
2021,
3%,
5/01/31
.................................
500,000
508,151
Special
Assessment,
2021,
3.5%,
5/01/41
...............................
1,270,000
1,297,618
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,520,000
1,589,166
Eden
Hills
Community
Development
District
,
Special
Assessment,
2020,
3.25%,
5/01/30
..............................
110,000
114,179
Special
Assessment,
2020,
4%,
5/01/40
.................................
300,000
320,578
Special
Assessment,
2020,
4.125%,
5/01/51
.............................
500,000
527,632
Edgewater
East
Community
Development
District
,
Special
Assessment,
2021,
2.5%,
5/01/26
...............................
525,000
531,039
Special
Assessment,
2021,
3.1%,
5/01/31
...............................
700,000
721,238
Special
Assessment,
2021,
3.6%,
5/01/41
...............................
2,625,000
2,729,180
Special
Assessment,
2021,
4%,
5/01/51
.................................
2,825,000
2,983,768
b
Enbrook
Community
Development
District
,
Special
Assessment,
144A,
2020,
4%,
5/01/40
............................
835,000
897,954
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,150,000
1,215,628
b
Entrada
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.125%,
5/01/26
.........................
165,000
165,491
Special
Assessment,
144A,
2021,
2.625%,
5/01/31
.........................
370,000
371,124
Special
Assessment,
144A,
2021,
3.125%,
5/01/41
.........................
935,000
944,508
Special
Assessment,
144A,
2021,
4%,
5/01/52
............................
1,200,000
1,271,461
Epperson
North
Community
Development
District
,
b
Special
Assessment,
144A,
2018
A-1,
5.5%,
11/01/39
.......................
1,500,000
1,753,180
Special
Assessment,
2021,
2.5%,
5/01/26
...............................
275,000
277,096
Special
Assessment,
2021,
3%,
5/01/31
.................................
320,000
324,986
Special
Assessment,
2021,
3.5%,
5/01/41
...............................
1,570,000
1,607,864
Special
Assessment,
2021,
4%,
5/01/51
.................................
3,250,000
3,404,757
Special
Assessment,
2021
A,
2.45%,
11/01/26
............................
250,000
251,650
Special
Assessment,
2021
A,
3.1%,
11/01/31
.............................
500,000
508,966
Special
Assessment,
2021
A,
3.4%,
11/01/41
.............................
1,250,000
1,274,271
Special
Assessment,
2021
A,
4%,
11/01/51
..............................
1,500,000
1,575,172
Epperson
Ranch
II
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2020,
3.25%,
5/01/25
...............
755,000
772,738
Assessment
Area
2,
Special
Assessment,
2020,
3.625%,
5/01/30
..............
1,105,000
1,172,566
Assessment
Area
2,
Special
Assessment,
2020,
4.2%,
5/01/40
................
2,995,000
3,267,199
Assessment
Area
2,
Special
Assessment,
2020,
4.375%,
5/01/51
..............
5,185,000
5,646,787
Escambia
County
Health
Facilities
Authority
,
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
8/15/45
........................................................
9,000,000
10,116,906
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
8/15/50
........................................................
3,200,000
3,579,087
Florida
Development
Finance
Corp.
,
b
Revenue,
144A,
2021
A,
3%,
7/01/31
...................................
200,000
207,896
b
Revenue,
144A,
2021
A,
4%,
7/01/51
...................................
1,700,000
1,815,764
b,f
Brightline
Trains
Florida
LLC,
Revenue,
144A,
2019
A,
Refunding,
Mandatory
Put,
6.375%,
1/01/26
.................................................
2,000,000
2,045,749
b,f
Brightline
Trains
Florida
LLC,
Revenue,
144A,
2019
A,
Refunding,
Mandatory
Put,
6.5%,
1/01/29
...................................................
4,000,000
4,085,579
b
Brightline
Trains
Florida
LLC,
Revenue,
144A,
2019
B,
7.375%,
1/01/49
.........
31,000,000
33,814,732
Glenridge
on
Palmer
Ranch
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
6/01/31
........................................................
175,000
205,091
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
76
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Florida
Development
Finance
Corp.,
(continued)
Glenridge
on
Palmer
Ranch
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
6/01/35
........................................................
$
200,000
$
232,416
Glenridge
on
Palmer
Ranch
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
6/01/51
........................................................
5,500,000
6,270,381
b
Mayflower
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
144A,
2020
A,
5.25%,
6/01/50
........................................................
5,000,000
5,835,818
b
Mayflower
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
6/01/46
............................................
2,000,000
2,210,749
b
Mayflower
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
6/01/55
............................................
1,750,000
1,924,411
River
City
Education
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/55
..........
1,000,000
1,081,457
b
Forest
Lake
Community
Development
District
,
Special
Assessment,
144A,
2020,
3.25%,
5/01/30
.........................
350,000
364,773
Special
Assessment,
144A,
2020,
4%,
5/01/40
............................
1,275,000
1,369,162
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,170,000
1,233,195
Gracewater
Sarasota
Community
Development
District
,
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
470,000
472,262
Special
Assessment,
2021,
2.95%,
5/01/31
..............................
500,000
504,689
Special
Assessment,
2021,
3.35%,
5/01/41
..............................
3,420,000
3,461,183
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,535,000
1,608,503
Grand
Oaks
Community
Development
District
,
Special
Assessment,
2020,
4.25%,
5/01/40
..............................
1,100,000
1,180,260
Special
Assessment,
2020,
4.5%,
5/01/52
...............................
3,500,000
3,755,375
Assessment
Area
No.
3,
Special
Assessment,
2021,
2.625%,
11/01/26
..........
180,000
181,034
Assessment
Area
No.
3,
Special
Assessment,
2021,
3.2%,
11/01/31
............
215,000
218,035
Assessment
Area
No.
3,
Special
Assessment,
2021,
3.5%,
11/01/41
............
555,000
564,309
Assessment
Area
No.
3,
Special
Assessment,
2021,
4%,
11/01/51
.............
1,205,000
1,255,074
Grande
Pines
Community
Development
District
,
Special
Assessment,
2021,
3.75%,
5/01/41
..............................
710,000
731,594
Special
Assessment,
2021,
4%,
5/01/51
.................................
750,000
776,182
Greeneway
Improvement
District
,
Special
Assessment
,
2013
,
5.125
%
,
5/01/43
.....
27,440,000
28,236,737
Hammock
Reserve
Community
Development
District
,
Special
Assessment,
2020,
4%,
5/01/40
.................................
540,000
577,491
Special
Assessment,
2020,
4%,
5/01/51
.................................
860,000
905,757
Special
Assessment,
2021,
3%,
5/01/31
.................................
200,000
203,085
Special
Assessment,
2021,
3.375%,
5/01/41
.............................
525,000
535,623
Special
Assessment,
2021,
4%,
5/01/51
.................................
635,000
670,703
Hawkstone
Community
Development
District
,
Special
Assessment,
2021,
2.6%,
5/01/26
...............................
155,000
156,099
Special
Assessment,
2021,
3.2%,
5/01/31
...............................
440,000
447,326
Special
Assessment,
2021,
3.45%,
5/01/41
..............................
1,125,000
1,147,683
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,000,000
1,045,504
Heritage
Harbour
North
Community
Development
District
,
Special
Assessment
,
2014
,
5.125
%
,
5/01/45
...................................................
2,170,000
2,528,313
Hills
of
Minneola
Community
Development
District
,
b
Special
Assessment,
144A,
2020,
3.5%,
5/01/31
..........................
1,000,000
1,054,771
b
Special
Assessment,
144A,
2020,
4%,
5/01/40
............................
2,625,000
2,793,426
b
Special
Assessment,
144A,
2020,
4%,
5/01/50
............................
5,505,000
5,781,429
Special
Assessment,
2021,
2.375%,
5/01/26
.............................
100,000
100,226
Special
Assessment,
2021,
2.8%,
5/01/31
...............................
250,000
251,005
Special
Assessment,
2021,
3.2%,
5/01/41
...............................
750,000
755,459
Special
Assessment,
2021,
4%,
5/01/52
.................................
900,000
940,953
Holly
Hill
Road
East
Community
Development
District
,
Special
Assessment,
2020,
4.5%,
11/01/31
...............................
165,000
181,842
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
77
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Holly
Hill
Road
East
Community
Development
District,
(continued)
Special
Assessment,
2020,
5%,
11/01/41
................................
$
350,000
$
404,499
Special
Assessment,
2020,
5%,
11/01/50
................................
520,000
605,992
Indigo
Community
Development
District
,
Special
Assessment,
1999
A,
7%,
5/01/31
...............................
560,000
561,171
Special
Assessment,
1999
C,
7%,
5/01/30
...............................
4,123,752
2,886,626
2021
Assessment
Area,
Special
Assessment,
2021,
2.2%,
5/01/26
.............
245,000
245,486
2021
Assessment
Area,
Special
Assessment,
2021,
2.7%,
5/01/31
.............
240,000
240,644
2021
Assessment
Area,
Special
Assessment,
2021,
3.125%,
5/01/41
...........
855,000
860,199
2021
Assessment
Area,
Special
Assessment,
2021,
4%,
5/01/52
..............
1,375,000
1,452,311
Kindred
Community
Development
District
II
,
Special
Assessment,
2020,
3.5%,
5/01/40
...............................
395,000
413,177
Special
Assessment,
2020,
3.75%,
5/01/50
..............................
570,000
598,106
Special
Assessment,
2021,
2.2%,
5/01/26
...............................
100,000
100,198
Special
Assessment,
2021,
2.7%,
5/01/31
...............................
235,000
235,632
Special
Assessment,
2021,
3.125%,
5/01/41
.............................
500,000
503,040
Special
Assessment,
2021,
4%,
5/01/52
.................................
910,000
961,166
Kingman
Gate
Community
Development
District
,
Special
Assessment,
2020,
3.125%,
6/15/30
.............................
375,000
394,448
Special
Assessment,
2020,
4%,
6/15/40
.................................
775,000
842,715
Special
Assessment,
2020,
4%,
6/15/50
.................................
2,270,000
2,418,613
Special
Assessment,
2021,
2.5%,
6/15/26
...............................
100,000
100,950
Special
Assessment,
2021,
3.125%,
6/15/31
.............................
250,000
256,646
Special
Assessment,
2021,
3.6%,
6/15/41
...............................
750,000
775,105
Special
Assessment,
2021,
4%,
6/15/51
.................................
750,000
787,005
Lake
Ashton
Community
Development
District
,
Special
Assessment
,
2015
A-1
,
Refunding
,
5
%
,
5/01/32
.............................................
2,205,000
2,358,387
Lakes
of
Sarasota
Community
Development
District
,
Special
Assessment,
2021
A-1,
3.9%,
5/01/41
............................
285,000
294,069
Special
Assessment,
2021
A-1,
4.1%,
5/01/51
............................
265,000
273,355
Special
Assessment,
2021
A-2,
3.875%,
5/01/31
..........................
850,000
865,780
Special
Assessment,
2021
B-1,
3.625%,
5/01/31
..........................
125,000
128,008
Special
Assessment,
2021
B-1,
4.125%,
5/01/41
..........................
200,000
205,577
Special
Assessment,
2021
B-1,
4.3%,
5/01/51
............................
325,000
333,861
Special
Assessment,
2021
B-2,
4.125%,
5/01/31
..........................
1,000,000
1,025,492
Lakewood
Park
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2021,
3.2%,
5/01/31
................
125,000
128,014
Assessment
Area
1,
Special
Assessment,
2021,
3.625%,
5/01/41
..............
325,000
334,144
Assessment
Area
1,
Special
Assessment,
2021,
4%,
5/01/52
.................
500,000
521,933
Lakewood
Ranch
Stewardship
District
,
Special
Assessment,
2020,
3%,
5/01/30
.................................
470,000
481,714
b
Special
Assessment,
144A,
2020,
3.125%,
5/01/30
.........................
250,000
260,702
b
Special
Assessment,
144A,
2020,
Refunding,
3.2%,
5/01/30
..................
440,000
459,923
Special
Assessment,
2020,
3.5%,
5/01/40
...............................
750,000
777,123
b
Special
Assessment,
144A,
2020,
3.625%,
5/01/40
.........................
1,080,000
1,134,770
b
Special
Assessment,
144A,
2020,
Refunding,
3.75%,
5/01/40
.................
2,100,000
2,222,723
Special
Assessment,
2020,
4%,
5/01/50
.................................
1,270,000
1,340,549
b
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/50
...................
1,250,000
1,320,381
b
Special
Assessment,
144A,
2020,
3.875%,
5/01/51
.........................
2,650,000
2,792,196
Special
Assessment,
2020
A,
3.75%,
5/01/40
.............................
525,000
556,391
Special
Assessment,
2020
A,
3.9%,
5/01/50
..............................
770,000
813,252
Leomas
Landing
Community
Development
District
,
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
220,000
220,800
Special
Assessment,
2021,
2.95%,
5/01/31
..............................
210,000
211,542
Special
Assessment,
2021,
2.95%,
5/01/31
..............................
160,000
161,393
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
78
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Leomas
Landing
Community
Development
District,
(continued)
Special
Assessment,
2021,
3.35%,
5/01/41
..............................
$
795,000
$
803,966
Special
Assessment,
2021,
3.35%,
5/01/41
..............................
415,000
420,355
Special
Assessment,
2021,
4%,
5/01/52
.................................
530,000
552,382
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,115,000
1,163,910
Live
Oak
Lake
Community
Development
District
,
Special
Assessment,
2020,
4.4%,
5/01/40
...............................
1,600,000
1,750,492
Special
Assessment,
2020,
4.6%,
5/01/51
...............................
2,845,000
3,136,918
LTC
Ranch
West
Residential
Community
Development
District
,
Special
Assessment,
2021
B,
3.25%,
5/01/31
.............................
4,000,000
4,008,988
Assessment
Area
1,
Special
Assessment,
2021
A,
3.125%,
5/01/31
............
700,000
711,838
Assessment
Area
1,
Special
Assessment,
2021
A,
3.45%,
5/01/41
.............
1,715,000
1,746,781
Assessment
Area
1,
Special
Assessment,
2021
A,
4%,
5/01/52
................
2,680,000
2,797,559
b
Magnolia
Park
Community
Development
District
,
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/31
...................
250,000
280,178
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/39
...................
688,000
753,507
Marshall
Creek
Community
Development
District
,
Special
Assessment
,
2015
A
,
Refunding
,
5
%
,
5/01/32
.............................................
1,775,000
1,885,360
Meadow
View
at
Twin
Creeks
Community
Development
District
,
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
360,000
362,348
Special
Assessment,
2021,
3%,
5/01/31
.................................
430,000
436,056
Special
Assessment,
2021,
3.25%,
5/01/41
..............................
1,945,000
1,971,808
Special
Assessment,
2021,
3.75%,
5/01/52
..............................
630,000
639,994
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,000,000
1,057,887
Miami-Dade
County
Educational
Facilities
Authority
,
University
of
Miami
,
Revenue
,
B
,
Refunding
,
AMBAC
Insured
,
5.25
%
,
4/01/27
..............................
10,995,000
13,395,572
Miami-Dade
County
Expressway
Authority
,
Revenue
,
A
,
5
%
,
7/01/40
.............
44,360,000
44,509,870
Mirada
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/32
...............................................
3,000,000
3,061,209
Mirada
II
Community
Development
District
,
Special
Assessment,
2021,
2.5%,
5/01/26
...............................
500,000
504,056
Special
Assessment,
2021,
3.125%,
5/01/31
.............................
650,000
664,823
Special
Assessment,
2021,
3.5%,
5/01/41
...............................
2,100,000
2,155,983
Special
Assessment,
2021,
4%,
5/01/51
.................................
2,375,000
2,486,969
New
Port
Tampa
Bay
Community
Development
District
,
Special
Assessment,
2021,
2.875%,
5/01/26
.............................
350,000
354,356
Special
Assessment,
2021,
3.5%,
5/01/31
...............................
500,000
514,270
Special
Assessment,
2021,
3.875%,
5/01/41
.............................
1,250,000
1,290,839
Special
Assessment,
2021,
4.125%,
5/01/52
.............................
2,250,000
2,319,049
North
AR-1
Pasco
Community
Development
District
,
Special
Assessment,
2021,
2.625%,
5/01/26
.............................
250,000
251,612
Special
Assessment,
2021,
3.125%,
5/01/31
.............................
400,000
405,819
Special
Assessment,
2021,
3.5%,
5/01/41
...............................
1,285,000
1,317,085
Special
Assessment,
2021,
4%,
5/01/51
.................................
2,735,000
2,881,549
Assessment
Area
2,
Special
Assessment,
2021
A,
2.625%,
5/01/26
............
250,000
251,772
Assessment
Area
2,
Special
Assessment,
2021
A,
3.25%,
5/01/31
.............
275,000
279,575
Assessment
Area
2,
Special
Assessment,
2021
A,
3.55%,
5/01/41
.............
985,000
1,004,767
Assessment
Area
2,
Special
Assessment,
2021
A,
4%,
5/01/52
................
1,500,000
1,562,121
North
Park
Isle
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2021,
2.45%,
11/01/26
..............
265,000
266,044
Assessment
Area
2,
Special
Assessment,
2021,
3%,
11/01/31
................
500,000
503,178
Assessment
Area
2,
Special
Assessment,
2021,
3.375%,
11/01/41
.............
1,500,000
1,517,661
Assessment
Area
2,
Special
Assessment,
2021,
4%,
11/01/51
................
2,500,000
2,623,137
North
Powerline
Road
Community
Development
District
,
Special
Assessment,
2020,
3.125%,
5/01/30
.............................
490,000
503,338
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
79
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
North
Powerline
Road
Community
Development
District,
(continued)
Special
Assessment,
2020,
3.625%,
5/01/40
.............................
$
1,000,000
$
1,036,723
Special
Assessment,
2020,
4%,
5/01/51
.................................
1,500,000
1,573,184
North
River
Ranch
Community
Development
District
,
Special
Assessment,
2020
A-1,
3%,
5/01/25
..............................
590,000
598,201
Special
Assessment,
2020
A-1,
3.5%,
5/01/30
............................
855,000
888,211
Special
Assessment,
2020
A-1,
4%,
5/01/40
..............................
1,150,000
1,206,108
Special
Assessment,
2020
A-1,
4.25%,
5/01/51
...........................
1,960,000
2,048,824
Special
Assessment,
2020
A-2,
4.2%,
5/01/35
............................
1,670,000
1,744,606
Special
Assessment,
2020
A-3,
4.75%,
5/01/40
...........................
2,000,000
2,001,129
b
North
Springs
Improvement
District
,
Special
Assessment
,
144A,
2017-2
,
5
%
,
5/01/48
5,000,000
5,566,362
Northern
Palm
Beach
County
,
Improvement
District
Unit
of
Development
No.
2C,
Special
Assessment,
2014,
5%,
8/01/34
........................................................
2,700,000
2,897,100
Improvement
District
Unit
of
Development
No.
2C,
Special
Assessment,
2014,
5.2%,
8/01/46
........................................................
6,000,000
6,404,374
Improvement
District
Unit
of
Development
No.
2C,
Special
Assessment,
2017,
5%,
8/01/37
........................................................
750,000
858,225
Improvement
District
Unit
of
Development
No.
2C,
Special
Assessment,
2017,
5%,
8/01/46
........................................................
3,000,000
3,385,180
Old
Hickory
Community
Development
District
,
Special
Assessment,
2020,
4%,
6/15/40
.................................
1,300,000
1,404,369
Special
Assessment,
2020,
4%,
6/15/50
.................................
1,955,000
2,080,004
Orange
County
Health
Facilities
Authority
,
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/41
............................................
3,800,000
4,151,700
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/47
............................................
4,285,000
4,675,267
b
Osceola
Village
Center
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.875%,
5/01/31
.........................
180,000
180,482
Special
Assessment,
144A,
2021,
3.3%,
5/01/41
..........................
370,000
371,782
Special
Assessment,
144A,
2021,
4%,
5/01/51
............................
405,000
421,112
Palm
Beach
County
Health
Facilities
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/32
...........................................
1,500,000
1,773,278
d
Federation
CCRC
Operations
Corp.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
6/01/36
....................................................
2,000,000
2,109,124
d
Federation
CCRC
Operations
Corp.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
6/01/41
....................................................
2,200,000
2,295,730
d
Federation
CCRC
Operations
Corp.
Obligated
Group,
Revenue,
2022,
Refunding,
4.25%,
6/01/56
..................................................
5,000,000
5,208,077
Parkview
at
Long
Lake
Ranch
Community
Development
District
,
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
955,000
1,007,893
Special
Assessment,
2020,
4%,
5/01/51
.................................
800,000
843,842
Parrish
Plantation
Community
Development
District
,
Special
Assessment,
2021,
2.5%,
5/01/26
...............................
255,000
257,755
Special
Assessment,
2021,
3.125%,
5/01/31
.............................
235,000
240,677
Special
Assessment,
2021,
3.5%,
5/01/41
...............................
790,000
813,009
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,370,000
1,437,969
Pelican
Marsh
Community
Development
District
,
Special
Assessment,
2012,
Refunding,
4.875%,
5/01/22
.....................
165,000
167,119
Special
Assessment,
2012,
Refunding,
5.375%,
5/01/31
.....................
1,235,000
1,250,818
b
Pine
Isle
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.375%,
12/15/26
........................
100,000
100,478
Special
Assessment,
144A,
2021,
3%,
12/15/31
...........................
225,000
227,583
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
80
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
b
Pine
Isle
Community
Development
District,
(continued)
Special
Assessment,
144A,
2021,
3.25%,
12/15/41
.........................
$
1,000,000
$
1,013,708
Special
Assessment,
144A,
2021,
4%,
12/15/51
...........................
1,200,000
1,272,311
Pine
Ridge
Plantation
Community
Development
District
,
Special
Assessment
,
2020
A-2
,
Refunding
,
3.75
%
,
5/01/37
.......................................
700,000
739,190
Pinellas
County
Industrial
Development
Authority
,
Drs
Kiran
&
Pallavi
Patel
2017
Foundation
for
Global
Understanding,
Inc.,
Revenue,
2017,
5%,
7/01/39
................................................
2,000,000
2,331,275
Drs
Kiran
&
Pallavi
Patel
2017
Foundation
for
Global
Understanding,
Inc.,
Revenue,
2019,
5%,
7/01/29
................................................
900,000
1,020,800
Preserve
at
South
Branch
Community
Development
District
,
Special
Assessment,
2021,
3%,
5/01/31
.................................
150,000
153,331
Special
Assessment,
2021,
3.5%,
5/01/41
...............................
750,000
772,802
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,000,000
1,057,887
Quail
Roost
Community
Development
District
,
Expansion
Area,
Special
Assessment,
2021,
2.2%,
12/15/26
.................
200,000
200,475
Expansion
Area,
Special
Assessment,
2021,
2.7%,
12/15/31
.................
200,000
200,866
Expansion
Area,
Special
Assessment,
2021,
3.125%,
12/15/41
................
740,000
745,719
Expansion
Area,
Special
Assessment,
2021,
4%,
12/15/51
...................
650,000
690,311
Reunion
East
Community
Development
District
,
2021
Assessment
Area,
Special
Assessment,
2021,
2.4%,
5/01/26
.............
500,000
500,711
2021
Assessment
Area,
Special
Assessment,
2021,
2.85%,
5/01/31
............
400,000
401,069
2021
Assessment
Area,
Special
Assessment,
2021,
3.15%,
5/01/41
............
1,455,000
1,463,243
2021
Assessment
Area,
Special
Assessment,
2021,
4%,
5/01/51
..............
1,750,000
1,836,822
River
Glen
Community
Development
District
,
Special
Assessment,
2021,
3%,
5/01/31
.................................
350,000
364,893
Special
Assessment,
2021,
3.375%,
5/01/41
.............................
1,000,000
1,027,229
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,000,000
1,056,226
River
Hall
Community
Development
District
,
Special
Assessment,
2020
A,
3.25%,
5/01/31
.............................
430,000
450,071
Special
Assessment,
2020
A,
3.625%,
5/01/40
............................
1,030,000
1,083,301
Special
Assessment,
2020
A,
3.875%,
5/01/51
............................
2,690,000
2,836,796
Special
Assessment,
2021
A-2,
Refunding,
3%,
5/01/22
.....................
200,000
201,547
Special
Assessment,
2021
A-2,
Refunding,
3%,
5/01/23
.....................
150,000
153,411
Special
Assessment,
2021
A-2,
Refunding,
3%,
5/01/24
.....................
250,000
258,133
Special
Assessment,
2021
A-2,
Refunding,
3%,
5/01/25
.....................
150,000
155,579
Special
Assessment,
2021
A-2,
Refunding,
3%,
5/01/26
.....................
200,000
207,376
Special
Assessment,
2021
A-2,
Refunding,
3%,
5/01/31
.....................
1,000,000
1,019,763
Special
Assessment,
2021
A-2,
Refunding,
3%,
5/01/36
.....................
1,000,000
1,006,774
River
Landing
Community
Development
District
,
Special
Assessment,
2020
A,
3%,
5/01/25
...............................
325,000
329,629
Special
Assessment,
2020
A,
3.6%,
5/01/30
..............................
475,000
495,109
Special
Assessment,
2020
A,
4.125%,
5/01/40
............................
850,000
894,745
Special
Assessment,
2020
A,
4.35%,
5/01/51
.............................
1,100,000
1,154,727
Special
Assessment,
2020
B,
4.25%,
11/01/35
............................
1,195,000
1,231,764
River
Place
on
the
St.
Lucie
Community
Development
District
,
Special
Assessment,
2001
A,
7.625%,
5/01/30
............................
1,105,000
1,105,548
e
Special
Assessment,
2001
B,
7.25%,
5/01/10
.............................
35,000
1,750
Rivers
Edge
II
Community
Development
District
,
Special
Assessment,
2021,
3%,
5/01/31
.................................
205,000
208,442
Special
Assessment,
2021,
4%,
5/01/51
.................................
910,000
954,398
b
Rivers
Edge
III
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.4%,
5/01/26
..........................
165,000
165,984
Special
Assessment,
144A,
2021,
3%,
5/01/31
............................
300,000
305,644
Special
Assessment,
144A,
2021,
3.5%,
5/01/41
..........................
775,000
798,210
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
81
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
b
Rivers
Edge
III
Community
Development
District,
(continued)
Special
Assessment,
144A,
2021,
4%,
5/01/51
............................
$
905,000
$
951,391
Rivington
Community
Development
District
,
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
1,795,000
1,867,282
Saddle
Creek
Preserve
of
Polk
County
Community
Development
District
,
Special
Assessment,
2020,
3%,
6/15/30
.................................
250,000
258,809
Special
Assessment,
2020,
4%,
6/15/40
.................................
610,000
657,061
Special
Assessment,
2020,
4%,
6/15/50
.................................
785,000
832,783
Sanctuary
Cove
Community
Development
District
,
Special
Assessment,
2021,
2.625%,
5/01/31
.............................
190,000
190,064
Special
Assessment,
2021,
3.125%,
5/01/41
.............................
400,000
401,129
Special
Assessment,
2021,
4%,
5/01/52
.................................
770,000
810,743
Sandmine
Road
Community
Development
District
,
b
Assessment
Area
1,
Special
Assessment,
144A,
2020,
3.125%,
5/01/30
.........
300,000
312,335
b
Assessment
Area
1,
Special
Assessment,
144A,
2020,
3.625%,
5/01/40
.........
1,040,000
1,096,879
b
Assessment
Area
1,
Special
Assessment,
144A,
2020,
3.75%,
5/01/50
..........
2,020,000
2,119,712
Assessment
Area
2,
Special
Assessment,
2021,
2.3%,
11/01/26
...............
250,000
251,787
Assessment
Area
2,
Special
Assessment,
2021,
3%,
11/01/31
................
450,000
457,040
Assessment
Area
2,
Special
Assessment,
2021,
3.3%,
11/01/41
...............
1,180,000
1,205,054
Assessment
Area
2,
Special
Assessment,
2021,
4%,
11/01/51
................
750,000
796,024
Sandridge
Community
Development
District
,
Special
Assessment,
2021
A-1,
2.875%,
5/01/26
..........................
500,000
503,265
Special
Assessment,
2021
A-1,
3.4%,
5/01/31
............................
750,000
765,425
Special
Assessment,
2021
A-1,
3.875%,
5/01/41
..........................
740,000
760,280
Special
Assessment,
2021
A-1,
4%,
5/01/51
..............................
735,000
750,614
Special
Assessment,
2021
A-2,
3.875%,
5/01/31
..........................
885,000
904,265
Sarasota
National
Community
Development
District
,
Special
Assessment,
2020,
Refunding,
3.5%,
5/01/31
.......................
1,495,000
1,612,945
Special
Assessment,
2020,
Refunding,
4%,
5/01/39
........................
2,210,000
2,402,348
Sawyers
Landing
Community
Development
District
,
Special
Assessment,
2021,
3.75%,
5/01/31
..............................
1,400,000
1,496,157
Special
Assessment,
2021,
4.125%,
5/01/41
.............................
3,055,000
3,316,707
Special
Assessment,
2021,
4.25%,
5/01/53
..............................
6,015,000
6,489,036
Scenic
Highway
Community
Development
District
,
Special
Assessment,
2020,
3.25%,
5/01/30
..............................
470,000
483,590
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
1,230,000
1,271,264
Special
Assessment,
2020,
4%,
5/01/51
.................................
1,250,000
1,290,574
School
Board
of
Miami-Dade
County
(The)
,
COP
,
2013
A
,
Pre-Refunded
,
5
%
,
5/01/31
7,985,000
8,512,071
b
Seminole
County
Industrial
Development
Authority
,
Galileo
School
Foundation,
Inc.
(The),
Revenue,
144A,
2021
A,
4%,
6/15/36
.....
310,000
354,037
Galileo
School
Foundation,
Inc.
(The),
Revenue,
144A,
2021
A,
4%,
6/15/41
.....
425,000
479,173
Galileo
School
Foundation,
Inc.
(The),
Revenue,
144A,
2021
A,
4%,
6/15/51
.....
830,000
923,867
Galileo
School
Foundation,
Inc.
(The),
Revenue,
144A,
2021
A,
4%,
6/15/56
.....
705,000
778,474
Shingle
Creek
at
Bronson
Community
Development
District
,
Special
Assessment,
2021,
3.1%,
6/15/31
...............................
375,000
384,193
Special
Assessment,
2021,
3.5%,
6/15/41
...............................
1,000,000
1,030,293
Special
Assessment,
2021,
4%,
6/15/51
.................................
1,250,000
1,320,027
Six
Mile
Creek
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2020,
Refunding,
3.125%,
11/01/25
....
285,000
293,172
Assessment
Area
2,
Special
Assessment,
2020,
Refunding,
3.625%,
11/01/31
....
505,000
540,122
Assessment
Area
2,
Special
Assessment,
2020,
Refunding,
4.125%,
11/01/40
....
1,375,000
1,491,115
Assessment
Area
2,
Special
Assessment,
2020,
Refunding,
4.25%,
11/01/50
.....
2,305,000
2,482,955
Assessment
Area
2,
Special
Assessment,
2021,
Refunding,
2.5%,
5/01/26
.......
230,000
230,911
Assessment
Area
2,
Special
Assessment,
2021,
Refunding,
3.1%,
5/01/31
.......
250,000
252,328
Assessment
Area
2,
Special
Assessment,
2021,
Refunding,
3.4%,
5/01/41
.......
750,000
758,438
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
82
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Six
Mile
Creek
Community
Development
District,
(continued)
Assessment
Area
2,
Special
Assessment,
2021,
Refunding,
4%,
5/01/52
........
$
2,050,000
$
2,138,247
Assessment
Area
3,
Special
Assessment,
2021,
2.5%,
5/01/26
................
350,000
352,184
Assessment
Area
3,
Special
Assessment,
2021,
3%,
5/01/31
.................
520,000
527,671
Assessment
Area
3,
Special
Assessment,
2021,
3.4%,
5/01/41
................
805,000
814,057
Assessment
Area
3,
Special
Assessment,
2021,
3.5%,
5/01/41
................
1,585,000
1,618,044
Assessment
Area
3,
Special
Assessment,
2021,
4%,
5/01/51
.................
1,200,000
1,253,163
Assessment
Area
3,
Special
Assessment,
2021,
4%,
5/01/52
.................
655,000
683,196
Somerset
Community
Development
District
,
Special
Assessment
,
2005
,
5.3
%
,
5/01/37
5,755,000
5,763,529
South
Creek
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2021,
2.875%,
6/15/31
..............
175,000
176,667
Assessment
Area
1,
Special
Assessment,
2021,
3.25%,
6/15/41
...............
500,000
507,802
Assessment
Area
1,
Special
Assessment,
2021,
4%,
6/15/51
.................
500,000
529,270
Southern
Groves
Community
Development
District
No.
5
,
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
425,000
426,329
Special
Assessment,
2021,
2.8%,
5/01/31
...............................
495,000
496,670
Special
Assessment,
2021,
3.125%,
5/01/41
.............................
1,500,000
1,506,722
Special
Assessment,
2021,
4%,
5/01/48
.................................
940,000
995,969
b
Southshore
Bay
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/33
..................................
2,600,000
2,618,088
St.
Johns
County
Industrial
Development
Authority
,
Life
Care
Ponte
Vedra
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
12/15/36
1,000,000
1,108,773
Life
Care
Ponte
Vedra
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
12/15/41
750,000
823,546
Life
Care
Ponte
Vedra
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
12/15/50
1,000,000
1,086,884
State
of
Florida
,
GO
,
1999
D
,
Refunding
,
6
%
,
6/01/23
........................
5,000,000
5,432,120
d
Stellar
North
Community
Development
District
,
Special
Assessment,
2021,
2.45%,
5/01/26
..............................
170,000
170,430
Special
Assessment,
2021,
3%,
5/01/31
.................................
250,000
251,498
Special
Assessment,
2021,
3.2%,
5/01/41
...............................
885,000
891,434
Special
Assessment,
2021,
4%,
5/01/52
.................................
2,225,000
2,348,128
b
Stillwater
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.375%,
6/15/26
.........................
375,000
377,482
Special
Assessment,
144A,
2021,
3%,
6/15/31
............................
325,000
332,101
Special
Assessment,
144A,
2021,
3.5%,
6/15/41
..........................
1,290,000
1,332,307
Special
Assessment,
144A,
2021,
4%,
6/15/51
............................
1,750,000
1,852,446
b
Stonewater
Community
Development
District
,
Special
Assessment,
144A,
2021,
3%,
11/01/32
...........................
250,000
254,137
Special
Assessment,
144A,
2021,
3.3%,
11/01/41
..........................
635,000
649,632
Special
Assessment,
144A,
2021,
4%,
11/01/51
...........................
1,000,000
1,066,530
b
Stoneybrook
South
Community
Development
District
,
Special
Assessment,
144A,
2020,
3%,
12/15/30
...........................
500,000
513,864
Special
Assessment,
144A,
2020,
3.5%,
12/15/40
.........................
1,000,000
1,038,397
Special
Assessment,
144A,
2020,
3.75%,
12/15/50
.........................
1,500,000
1,553,543
b
Storey
Park
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.875%,
6/15/31
.........................
230,000
232,667
Special
Assessment,
144A,
2021,
3.3%,
6/15/41
..........................
620,000
630,678
Special
Assessment,
144A,
2021,
4%,
6/15/51
............................
625,000
657,922
Summer
Woods
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2021,
3%,
5/01/31
.................
200,000
202,722
Assessment
Area
2,
Special
Assessment,
2021,
3.4%,
5/01/41
................
500,000
508,471
Assessment
Area
2,
Special
Assessment,
2021,
4%,
5/01/51
.................
375,000
391,143
Assessment
Area
3,
Special
Assessment,
2021,
2.5%,
5/01/26
................
195,000
196,277
Assessment
Area
3,
Special
Assessment,
2021,
3.15%,
5/01/31
...............
200,000
203,381
Assessment
Area
3,
Special
Assessment,
2021,
3.45%,
5/01/41
...............
725,000
738,451
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
83
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Summer
Woods
Community
Development
District,
(continued)
Assessment
Area
3,
Special
Assessment,
2021,
4%,
5/01/52
.................
$
1,000,000
$
1,043,850
Summerstone
Community
Development
District
,
Special
Assessment,
2020,
3.25%,
5/01/30
..............................
165,000
171,859
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
700,000
737,704
Special
Assessment,
2020,
4%,
5/01/51
.................................
910,000
959,151
b
Special
Assessment,
144A,
2021,
2.75%,
5/01/31
.........................
175,000
175,706
b
Special
Assessment,
144A,
2021,
3.15%,
5/01/41
.........................
700,000
705,107
b
Special
Assessment,
144A,
2021,
4%,
5/01/51
............................
750,000
790,926
Tamarindo
Community
Development
District
,
Special
Assessment,
2021,
3%,
5/01/31
.................................
185,000
189,235
Special
Assessment,
2021,
3.375%,
5/01/41
.............................
820,000
843,363
Special
Assessment,
2021,
4%,
5/01/51
.................................
680,000
721,061
Timber
Creek
Southwest
Community
Development
District
,
Special
Assessment,
2020,
4%,
6/15/40
.................................
1,000,000
1,074,027
Special
Assessment,
2020,
4%,
6/15/50
.................................
2,000,000
2,117,570
Assessment
Area
2,
Special
Assessment,
2021,
2.35%,
12/15/26
..............
400,000
402,611
Assessment
Area
2,
Special
Assessment,
2021,
3%,
12/15/31
................
750,000
763,130
Assessment
Area
2,
Special
Assessment,
2021,
3.3%,
12/15/41
...............
2,175,000
2,216,022
Assessment
Area
2,
Special
Assessment,
2021,
4%,
12/15/51
................
2,585,000
2,736,231
Tohoqua
Community
Development
District
,
Special
Assessment,
2021,
2.875%,
5/01/31
.............................
215,000
218,034
Special
Assessment,
2021,
3.375%,
5/01/41
.............................
810,000
825,098
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,785,000
1,875,052
b
Towne
Park
Community
Development
District
,
Special
Assessment,
144A,
2020,
3.125%,
5/01/30
.........................
410,000
422,379
Special
Assessment,
144A,
2020,
3.625%,
5/01/40
.........................
1,075,000
1,116,900
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,000,000
1,051,291
Tradition
Community
Development
District
No.
9
,
Special
Assessment,
2021,
2.3%,
5/01/26
...............................
390,000
390,550
Special
Assessment,
2021,
2.7%,
5/01/31
...............................
445,000
445,596
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,400,000
1,481,042
b
Trevesta
Community
Development
District
,
Special
Assessment,
144A,
2020,
3.25%,
5/01/30
.........................
235,000
244,475
Special
Assessment,
144A,
2020,
3.75%,
5/01/40
.........................
880,000
924,725
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,750,000
1,844,522
Triple
Creek
Community
Development
District
,
b,d
Special
Assessment,
144A,
2021,
2.375%,
11/01/26
........................
185,000
185,051
b,d
Special
Assessment,
144A,
2021,
2.875%,
11/01/31
........................
450,000
450,320
Special
Assessment,
2021,
3%,
11/01/31
................................
250,000
255,528
b,d
Special
Assessment,
144A,
2021,
3.125%,
11/01/41
........................
1,190,000
1,191,006
Special
Assessment,
2021,
3.5%,
11/01/41
...............................
740,000
761,894
Special
Assessment,
2021,
4%,
11/01/50
................................
750,000
793,416
b,d
Special
Assessment,
144A,
2021,
4%,
11/01/51
...........................
750,000
791,390
b
Union
Park
East
Community
Development
District
,
Assessment
Area
3,
Special
Assessment,
144A,
2021,
2.95%,
5/01/31
..........
125,000
125,501
Assessment
Area
3,
Special
Assessment,
144A,
2021,
3.35%,
5/01/41
..........
325,000
327,348
Assessment
Area
3,
Special
Assessment,
144A,
2021,
4%,
5/01/51
............
450,000
467,170
V-Dana
Community
Development
District
,
Special
Assessment,
2021,
3.125%,
5/01/31
.............................
400,000
408,440
Special
Assessment,
2021,
3.625%,
5/01/41
.............................
1,250,000
1,289,266
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,500,000
1,570,717
b
Assessment
Area
1,
Special
Assessment,
144A,
2020,
3.5%,
5/01/31
...........
375,000
394,801
b
Assessment
Area
1,
Special
Assessment,
144A,
2020,
4%,
5/01/40
............
1,775,000
1,909,036
b
Assessment
Area
1,
Special
Assessment,
144A,
2020,
4%,
5/01/51
............
3,500,000
3,706,101
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
84
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
b
Veranda
Community
Development
District
II
,
Special
Assessment,
144A,
2021,
Refunding,
2.5%,
5/01/26
..................
$
275,000
$
277,888
Special
Assessment,
144A,
2021,
Refunding,
2.5%,
5/01/26
..................
160,000
161,673
Special
Assessment,
144A,
2021,
Refunding,
3.1%,
5/01/31
..................
415,000
426,736
Special
Assessment,
144A,
2021,
Refunding,
3.6%,
5/01/41
..................
1,020,000
1,057,964
Special
Assessment,
144A,
2021,
Refunding,
4%,
5/01/51
...................
1,500,000
1,579,370
Verano
No.
3
Community
Development
District
,
Phase
1
Assessment
Area,
Special
Assessment,
2021,
3%,
5/01/31
............
200,000
204,988
Phase
1
Assessment
Area,
Special
Assessment,
2021,
3.375%,
5/01/41
.........
750,000
771,662
Phase
1
Assessment
Area,
Special
Assessment,
2021,
4%,
5/01/51
............
1,000,000
1,060,384
Viera
Stewardship
District
,
Special
Assessment,
2021,
2.3%,
5/01/26
...............................
500,000
500,161
Special
Assessment,
2021,
2.8%,
5/01/31
...............................
800,000
800,533
Special
Assessment,
2021,
3.125%,
5/01/41
.............................
1,750,000
1,754,940
Special
Assessment,
2021,
4%,
5/01/53
.................................
1,715,000
1,812,851
Village
Community
Development
District
No.
10
,
Special
Assessment,
2012,
5%,
5/01/32
.................................
4,850,000
4,926,615
Special
Assessment,
2012,
5.125%,
5/01/43
.............................
7,600,000
7,725,864
Special
Assessment,
2014,
5.75%,
5/01/31
..............................
1,600,000
1,699,641
Special
Assessment,
2014,
6%,
5/01/44
.................................
6,600,000
7,035,989
Village
Community
Development
District
No.
13
,
b
Special
Assessment,
144A,
2020,
3.5%,
5/01/51
..........................
16,990,000
17,733,853
Special
Assessment,
2021,
2.55%,
5/01/31
..............................
1,475,000
1,499,685
Special
Assessment,
2021,
2.85%,
5/01/36
..............................
1,750,000
1,779,306
Special
Assessment,
2021,
3%,
5/01/41
.................................
2,500,000
2,541,624
Special
Assessment,
2021,
3.25%,
5/01/52
..............................
6,500,000
6,607,190
Village
Community
Development
District
No.
6
,
Special
Assessment
,
2013
,
Refunding
,
4
%
,
5/01/35
......................................................
3,265,000
3,297,661
Village
Community
Development
District
No.
9
,
Special
Assessment,
2012,
Refunding,
5%,
5/01/22
........................
190,000
192,341
Special
Assessment,
2012,
Refunding,
5.25%,
5/01/31
......................
1,695,000
1,717,738
Special
Assessment,
2012,
Refunding,
5.5%,
5/01/42
.......................
1,710,000
1,733,357
Villamar
Community
Development
District
,
Special
Assessment,
2020,
3.2%,
5/01/30
...............................
240,000
248,830
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
655,000
689,782
Special
Assessment,
2020,
4%,
5/01/51
.................................
1,000,000
1,053,447
West
Port
Community
Development
District
,
b
Special
Assessment,
144A,
2020,
3.25%,
5/01/31
.........................
410,000
422,364
b
Special
Assessment,
144A,
2020,
3.625%,
5/01/41
.........................
1,085,000
1,123,545
b
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,545,000
1,622,925
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
370,000
371,941
Special
Assessment,
2021,
3%,
5/01/31
.................................
570,000
578,142
Special
Assessment,
2021,
3.4%,
5/01/41
...............................
1,470,000
1,496,104
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,250,000
1,304,832
West
Villages
Improvement
District
,
Unit
of
Development
No.
7,
Special
Assessment,
2021,
2.5%,
5/01/26
..........
250,000
252,085
Unit
of
Development
No.
7,
Special
Assessment,
2021,
3.125%,
5/01/31
........
200,000
204,969
Unit
of
Development
No.
7,
Special
Assessment,
2021,
3.5%,
5/01/41
..........
800,000
822,642
Unit
of
Development
No.
7,
Special
Assessment,
2021,
4%,
5/01/51
............
1,050,000
1,104,691
Unit
of
Development
No.
8,
Special
Assessment,
2021,
2.5%,
5/01/26
..........
335,000
337,801
Unit
of
Development
No.
8,
Special
Assessment,
2021,
3.125%,
5/01/31
........
525,000
538,044
Unit
of
Development
No.
8,
Special
Assessment,
2021,
3.5%,
5/01/41
..........
1,295,000
1,331,651
Unit
of
Development
No.
8,
Special
Assessment,
2021,
4%,
5/01/51
............
1,855,000
1,951,621
Westside
Haines
City
Community
Development
District
,
Special
Assessment,
2021,
2.5%,
5/01/26
...............................
250,000
250,564
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
85
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Westside
Haines
City
Community
Development
District,
(continued)
Special
Assessment,
2021,
3%,
5/01/31
.................................
$
350,000
$
351,866
Special
Assessment,
2021,
3.25%,
5/01/41
..............................
1,250,000
1,258,061
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,250,000
1,313,046
Wind
Meadows
South
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2021,
2.4%,
5/01/26
................
220,000
220,622
Assessment
Area
1,
Special
Assessment,
2021,
2.95%,
5/01/31
...............
250,000
251,336
Assessment
Area
1,
Special
Assessment,
2021,
3.35%,
5/01/41
...............
940,000
948,314
Assessment
Area
1,
Special
Assessment,
2021,
4%,
5/01/52
.................
1,500,000
1,559,674
Windward
Community
Development
District
,
Special
Assessment,
2020
A-1,
3%,
5/01/25
..............................
100,000
101,758
Special
Assessment,
2020
A-1,
3.65%,
5/01/30
...........................
130,000
136,890
Special
Assessment,
2020
A-1,
4.25%,
5/01/40
...........................
630,000
672,211
Special
Assessment,
2020
A-1,
4.5%,
5/01/51
............................
495,000
526,339
Special
Assessment,
2020
A-2,
4.4%,
11/01/35
...........................
1,900,000
2,065,167
Wiregrass
II
Community
Development
District
,
Special
Assessment,
2020,
3.125%,
5/01/30
.............................
645,000
669,762
Special
Assessment,
2020,
3.7%,
5/01/40
...............................
1,680,000
1,766,843
Special
Assessment,
2020,
3.875%,
5/01/50
.............................
1,960,000
2,050,976
Zephyr
Lakes
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2021,
2.5%,
5/01/26
................
230,000
230,656
Assessment
Area
2,
Special
Assessment,
2021,
3%,
5/01/31
.................
165,000
166,353
Assessment
Area
2,
Special
Assessment,
2021,
3.375%,
5/01/41
..............
700,000
707,794
Assessment
Area
2,
Special
Assessment,
2021,
4%,
5/01/51
.................
1,000,000
1,049,970
892,450,796
Georgia
1.0%
e
Baldwin
County
Hospital
Authority
,
Oconee
Regional
Medical
Center
Obligated
Group,
Revenue,
1998,
5.375%,
12/01/28
.......................................................
1,470,000
15
Oconee
Regional
Medical
Center
Obligated
Group,
Revenue,
2016,
6.5%,
4/30/17
.
480,367
37,228
b
Development
Authority
of
Cobb
County
(The)
,
Presbyterian
Village
Austell,
Inc.,
Revenue,
144A,
2019
A,
Refunding,
5%,
12/01/39
1,825,000
1,900,648
Presbyterian
Village
Austell,
Inc.,
Revenue,
144A,
2019
A,
Refunding,
5%,
12/01/49
10,760,000
10,994,698
Forsyth
County
Hospital
Authority
,
Georgia
Baptist
Healthcare
System
Obligated
Group
,
Revenue
,
1998
,
ETM,
6.375
%
,
10/01/28
...........................
6,090,000
7,473,347
b
George
L
Smith
II
Congress
Center
Authority
,
Signia
Hotel
Management
LLC,
Revenue,
Second
Tier,
144A,
2021
B,
5%,
1/01/36
2,500,000
2,988,663
Signia
Hotel
Management
LLC,
Revenue,
Second
Tier,
144A,
2021
B,
5%,
1/01/54
10,000,000
11,654,467
Main
Street
Natural
Gas,
Inc.
,
Revenue,
2007
A,
5.5%,
9/15/25
......................................
5,000,000
5,864,835
Revenue,
2007
A,
5.5%,
9/15/27
......................................
4,000,000
4,961,495
Revenue,
2007
A,
5.5%,
9/15/28
......................................
10,000,000
12,647,866
Revenue,
2019
A,
5%,
5/15/49
........................................
6,500,000
9,724,566
Municipal
Electric
Authority
of
Georgia
,
Revenue
,
2019
B
,
5
%
,
1/01/48
...........
4,595,000
5,588,539
73,836,367
Idaho
0.2%
Idaho
Housing
&
Finance
Association
,
Revenue
,
2010
A
,
7
%
,
2/01/36
............
13,305,000
13,351,771
Illinois
4.3%
Bureau
County
Township
High
School
District
No.
502
,
GO
,
2013
A
,
Pre-Refunded
,
BAM
Insured
,
6.625
%
,
10/01/43
.......................................
5,250,000
5,895,164
City
of
Belleville
,
Sales
Tax,
Tax
Allocation,
2021
B,
Refunding,
3.25%,
7/01/29
.................
1,000,000
1,021,116
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
86
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
City
of
Belleville,
(continued)
Sales
Tax,
Tax
Allocation,
2021
B,
Refunding,
3.75%,
7/01/41
.................
$
1,000,000
$
1,021,350
County
of
Cook
,
GO
,
2012
C
,
Refunding
,
5
%
,
11/15/29
.......................
34,555,000
36,080,804
Illinois
Finance
Authority
,
e
2017
IAVF
Windy
City
Obligated
Group,
Revenue,
2017
A-1,
4.375%,
12/01/42
...
883,103
265
e
2018
Blue
Island
LLC,
Revenue,
2018
A-1,
5%,
12/01/43
....................
3,000,000
7,800
e
2018
Blue
Island
LLC,
Revenue,
2018
A-1,
5%,
12/01/53
....................
3,075,000
7,995
b
Acero
Charter
Schools,
Inc.
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
4%,
10/01/31
.......................................................
800,000
923,596
b
Acero
Charter
Schools,
Inc.
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
4%,
10/01/34
.......................................................
445,000
505,756
b
Acero
Charter
Schools,
Inc.
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
4%,
10/01/42
.......................................................
2,250,000
2,501,003
b
McKinley
Foundation
at
University
of
Illinois
(The),
Revenue,
144A,
2021
A,
Refunding,
5.125%,
11/01/55
.......................................
13,560,000
14,704,490
b
McKinley
Foundation
at
University
of
Illinois
(The),
Revenue,
144A,
2021
B,
7%,
11/01/37
.......................................................
4,190,000
4,786,309
Noble
Network
of
Charter
Schools,
Revenue,
2015,
Refunding,
5%,
9/01/25
......
2,255,000
2,453,890
Noble
Network
of
Charter
Schools,
Revenue,
2015,
Refunding,
5%,
9/01/32
......
3,750,000
4,097,956
OSF
Healthcare
System
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
11/15/45
.......................................................
15,750,000
18,113,755
Rosalind
Franklin
University
of
Medicine
and
Science,
Revenue,
A,
Refunding,
5%,
8/01/47
........................................................
1,525,000
1,765,118
Rosalind
Franklin
University
of
Medicine
and
Science,
Revenue,
C,
5%,
8/01/46
...
1,900,000
2,200,817
Westminster
Village,
Inc.
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
5/01/48
........................................................
4,030,000
4,116,254
Westminster
Village,
Inc.
Obligated
Group,
Revenue,
2018
A,
Refunding,
5.25%,
5/01/48
........................................................
10,000,000
10,407,777
Westminster
Village,
Inc.
Obligated
Group,
Revenue,
2018
A,
Refunding,
5.5%,
5/01/53
........................................................
8,310,000
8,716,282
Metropolitan
Pier
&
Exposition
Authority
,
Revenue,
1996,
ETM,
7%,
7/01/26
.....................................
4,720,000
5,527,873
Revenue,
2002
A,
NATL
Insured,
Zero
Cpn.,
6/15/35
.......................
15,000,000
11,089,106
Revenue,
2002
A,
NATL
Insured,
Zero
Cpn.,
6/15/36
.......................
4,925,000
3,525,924
Revenue,
2002
A,
NATL
Insured,
Zero
Cpn.,
12/15/37
......................
13,650,000
9,233,411
Revenue,
2010
B-1,
Refunding,
AGMC
Insured,
Zero
Cpn.,
6/15/45
............
18,100,000
9,675,541
Revenue,
2020
B,
Refunding,
5%,
6/15/42
...............................
5,000,000
6,169,203
State
of
Illinois
,
GO,
2016,
Refunding,
5%,
2/01/26
.....................................
4,000,000
4,665,682
GO,
2017
A,
4.25%,
12/01/40
.........................................
1,850,000
2,085,792
GO,
2017
C,
5%,
11/01/29
...........................................
10,330,000
12,414,071
GO,
2017
D,
3.25%,
11/01/26
.........................................
2,500,000
2,758,933
GO,
2017
D,
5%,
11/01/26
...........................................
5,200,000
6,172,927
GO,
2017
D,
5%,
11/01/27
...........................................
6,445,000
7,799,329
GO,
2017
D,
5%,
11/01/28
...........................................
8,545,000
10,330,791
GO,
2018
B,
Refunding,
5%,
10/01/32
..................................
1,870,000
2,274,567
GO,
2019
B,
4%,
11/01/34
...........................................
2,400,000
2,772,724
GO,
2019
B,
4%,
11/01/38
...........................................
1,420,000
1,628,928
GO,
2019
C,
4%,
11/01/40
...........................................
1,490,000
1,702,968
GO,
2019
C,
4%,
11/01/43
...........................................
2,515,000
2,854,304
GO,
2020,
5.5%,
5/01/30
............................................
7,650,000
9,996,771
GO,
2020,
5.5%,
5/01/39
............................................
14,175,000
18,112,500
GO,
2020,
5.75%,
5/01/45
...........................................
7,420,000
9,505,674
GO,
2020
B,
4%,
10/01/34
...........................................
2,000,000
2,344,166
GO,
2020
C,
4%,
10/01/37
...........................................
5,400,000
6,291,317
GO,
2020
C,
4%,
10/01/38
...........................................
5,250,000
6,104,338
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
87
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
State
of
Illinois,
(continued)
GO,
2020
C,
4%,
10/01/39
...........................................
$
2,545,000
$
2,952,702
GO,
2020
C,
4%,
10/01/42
...........................................
1,335,000
1,538,443
GO,
2021
A,
5%,
3/01/36
............................................
3,250,000
4,125,031
GO,
2021
A,
5%,
3/01/46
............................................
7,000,000
8,693,399
b
Upper
Illinois
River
Valley
Development
Authority
,
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group
,
Revenue
,
144A,
2020
C
,
Refunding
,
5
%
,
12/01/50
.......
10,750,000
10,959,918
Village
of
Hillside
,
Mannheim
Redevelopment
Project
Area
,
Tax
Allocation
,
2018
,
Refunding
,
5
%
,
1/01/30
.............................................
2,690,000
2,969,729
b
Village
of
Lincolnwood
,
North
Lincoln
Redevelopment
Project
Area
,
COP
,
144A,
2021
A
,
4.82
%
,
1/01/41
.................................................
3,035,000
3,053,454
Village
of
Villa
Park
,
Garden
Station
Redevelopment
Area
,
Tax
Allocation
,
2021
,
Zero
Cpn.,
12/31/38
....................................................
1,715,000
1,475,561
310,132,574
Indiana
0.8%
City
of
Anderson
,
Sweet
Galilee
at
the
Wigwam
LLC
,
Revenue
,
2020
A
,
5.375
%
,
1/01/40
.........................................................
2,740,000
2,868,665
b
City
of
Goshen
,
Green
Oaks
of
Goshen
LLC
,
Revenue
,
144A,
2021
A
,
5
%
,
8/01/41
..
4,065,000
4,054,636
b
City
of
Jeffersonville
,
Vivera
Senior
Living
of
Columbus
LLC
,
Revenue
,
144A,
2020
A
,
5.25
%
,
11/01/40
...................................................
4,500,000
4,655,794
Indiana
Finance
Authority
,
East
End
Crossing
Partners
LLC,
Revenue,
2013
A,
Pre-Refunded,
5%,
7/01/40
..
12,500,000
13,387,808
East
End
Crossing
Partners
LLC,
Revenue,
2013
A,
Pre-Refunded,
5.25%,
1/01/51
12,500,000
13,436,950
Greencroft
Goshen
Obligated
Group,
Revenue,
2013
A,
Refunding,
7%,
11/15/43
..
5,000,000
5,622,785
Ohio
Valley
Electric
Corp.,
Revenue,
2012
A,
5%,
6/01/32
...................
10,000,000
10,173,733
b
Indiana
Housing
&
Community
Development
Authority
,
Vita
of
Marion
LLC
,
Revenue
,
144A,
2021
A
,
5.25
%
,
4/01/41
........................................
4,750,000
5,007,592
59,207,963
Iowa
0.1%
Iowa
Finance
Authority
,
Northcrest
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
3/01/48
.
7,500,000
8,074,874
Kansas
0.1%
City
of
Derby
,
Revenue
,
2020
,
3.9
%
,
3/01/37
...............................
1,625,000
1,674,957
City
of
Manhattan
,
Meadowlark
Hills
Retirement
Community
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
6/01/36
............................................
1,000,000
1,105,375
Meadowlark
Hills
Retirement
Community
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
6/01/46
............................................
1,150,000
1,250,159
Wyandotte
County-Kansas
City
Unified
Government
,
Revenue
,
2018
,
4.5
%
,
6/01/40
.
1,760,000
1,849,938
5,880,429
Kentucky
0.4%
Kentucky
Economic
Development
Finance
Authority
,
Owensboro
Health,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
6/01/41
.......................
10,000,000
11,822,348
Kentucky
Public
Transportation
Infrastructure
Authority
,
Revenue,
First
Tier,
2013
C,
Zero
Cpn.,
7/01/39
...........................
10,000,000
12,527,704
Revenue,
First
Tier,
2013
C,
Zero
Cpn.,
7/01/43
...........................
5,000,000
6,249,421
30,599,473
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
88
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
1.2%
Calcasieu
Parish
Memorial
Hospital
Service
District
,
Southwest
Louisiana
Healthcare
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/39
............
$
2,055,000
$
2,465,854
Lakeshore
Villages
Master
Community
Development
District
,
Special
Assessment,
2021,
2.375%,
6/01/26
.............................
450,000
449,809
Special
Assessment,
2021,
2.875%,
6/01/31
.............................
695,000
694,993
Special
Assessment,
2021,
3.2%,
6/01/41
...............................
2,730,000
2,733,999
Special
Assessment,
2021,
4%,
6/01/51
.................................
2,035,000
2,133,393
b
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
GOMESA,
Revenue,
144A,
2018,
5.375%,
11/01/38
........................
2,410,000
2,830,656
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.,
Revenue,
144A,
2020
A,
Refunding,
4%,
12/01/40
...........................................
2,970,000
3,047,310
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.,
Revenue,
144A,
2020
A,
Refunding,
4.25%,
12/01/50
........................................
5,665,000
5,806,544
Parish
of
Jefferson,
Revenue,
144A,
2019,
4%,
11/01/44
....................
2,650,000
2,870,361
Parish
of
Lafourche,
Revenue,
144A,
2019,
3.95%,
11/01/43
.................
4,475,000
4,841,253
Parish
of
St.
Martin,
Revenue,
144A,
2019,
4.4%,
11/01/44
...................
3,240,000
3,570,161
Parish
of
Vermilion,
Revenue,
144A,
2019,
4.625%,
11/01/38
.................
1,960,000
2,209,642
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
C,
5.5%,
10/01/61
.
6,300,000
6,407,478
Provident
Group
-
ULM
Properties
LLC,
Revenue,
144A,
2019
A,
5%,
7/01/54
....
4,000,000
4,184,631
Terrebonne
Parish
Consolidated
Government,
Revenue,
144A,
2018,
5.5%,
11/01/39
1,790,000
2,048,007
Louisiana
Public
Facilities
Authority
,
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/47
........................................................
60,000
71,027
b
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.375%,
1/01/40
5,000,000
5,772,666
b
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.5%,
1/01/50
.
4,500,000
5,159,250
b
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-2,
7%,
1/01/57
...
10,000,000
11,379,724
Parish
of
Beauregard
,
OfficeMax,
Inc.
,
Revenue
,
2002
,
Refunding
,
6.8
%
,
2/01/27
...
13,990,000
14,011,214
St.
Tammany
Parish
Finance
Authority
,
Christwood
Obligated
Group,
Revenue,
2014,
Refunding,
5.25%,
11/15/29
.......
1,200,000
1,309,105
Christwood
Obligated
Group,
Revenue,
2014,
Refunding,
5.25%,
11/15/37
.......
1,650,000
1,778,851
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2013
A
,
Refunding
,
5.25
%
,
5/15/35
..
1,000,000
1,063,541
86,839,469
Maryland
0.4%
City
of
Baltimore
,
Harbor
Point
Special
Taxing
District,
Revenue,
2016,
Refunding,
5%,
6/01/36
.....
1,250,000
1,380,465
Harbor
Point
Special
Taxing
District,
Revenue,
2016,
Refunding,
5.125%,
6/01/43
.
5,500,000
6,024,645
County
of
Frederick
,
Oakdale-Lake
Linganore
Development
District,
Special
Tax,
2019,
Refunding,
3.25%,
7/01/29
........................................................
750,000
795,094
Oakdale-Lake
Linganore
Development
District,
Special
Tax,
2019,
Refunding,
3.75%,
7/01/39
........................................................
1,410,000
1,497,921
b
Technology
Park
Project
TIF
Development
District,
Special
Tax,
144A,
2020
B,
Refunding,
4.625%,
7/01/43
........................................
3,260,000
3,878,149
Urbana
Community
Development
Authority,
Special
Tax,
2020
B,
Refunding,
4%,
7/01/40
........................................................
375,000
423,365
Urbana
Community
Development
Authority,
Special
Tax,
2020
C,
4%,
7/01/50
....
4,000,000
4,513,424
Maryland
Economic
Development
Corp.
,
Tax
Allocation,
2020,
4%,
9/01/40
......................................
2,000,000
2,288,404
Tax
Allocation,
2020,
4%,
9/01/50
......................................
2,000,000
2,264,564
Morgan
State
University,
Revenue,
2020,
4.25%,
7/01/50
....................
500,000
568,015
Morgan
State
University,
Revenue,
2020,
5%,
7/01/56
......................
1,000,000
1,201,379
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
89
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/55
...............................
$
1,000,000
$
1,138,534
25,973,959
Massachusetts
0.3%
b
Massachusetts
Development
Finance
Agency
,
Linden
Ponds
Obligated
Group,
Revenue,
144A,
2018,
5%,
11/15/38
...........
3,000,000
3,329,534
Linden
Ponds
Obligated
Group,
Revenue,
144A,
2018,
5.125%,
11/15/46
........
5,000,000
5,528,516
North
Hill
Communities,
Inc.
Obligated
Group,
Revenue,
144A,
2013
A,
Pre-
Refunded,
6.25%,
11/15/28
.........................................
1,473,000
1,622,257
North
Hill
Communities,
Inc.
Obligated
Group,
Revenue,
144A,
2013
A,
Pre-
Refunded,
6.25%,
11/15/33
.........................................
2,000,000
2,227,512
North
Hill
Communities,
Inc.
Obligated
Group,
Revenue,
144A,
2013
A,
Pre-
Refunded,
6.5%,
11/15/43
..........................................
4,125,000
4,609,977
Massachusetts
Educational
Financing
Authority
,
Revenue
,
2013
K
,
5.25
%
,
7/01/29
..
3,035,000
3,106,179
20,423,975
Michigan
2.4%
City
of
Detroit
,
GO,
2021
A,
5%,
4/01/30
............................................
350,000
433,134
GO,
2021
A,
5%,
4/01/31
............................................
480,000
603,524
GO,
2021
A,
5%,
4/01/32
............................................
500,000
624,407
GO,
2021
A,
5%,
4/01/33
............................................
770,000
959,698
GO,
2021
A,
5%,
4/01/34
............................................
725,000
901,909
GO,
2021
A,
5%,
4/01/35
............................................
955,000
1,185,734
GO,
2021
A,
5%,
4/01/36
............................................
800,000
990,869
GO,
2021
A,
5%,
4/01/37
............................................
875,000
1,081,233
GO,
2021
A,
5%,
4/01/38
............................................
850,000
1,048,380
GO,
2021
A,
5%,
4/01/39
............................................
750,000
923,121
GO,
2021
A,
4%,
4/01/40
............................................
550,000
623,313
GO,
2021
A,
4%,
4/01/41
............................................
600,000
678,327
GO,
2021
A,
4%,
4/01/42
............................................
600,000
676,533
GO,
2021
A,
5%,
4/01/46
............................................
2,750,000
3,371,120
GO,
2021
A,
5%,
4/01/50
............................................
3,500,000
4,272,941
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Second
Lien,
2001
B,
NATL
Insured,
5.5%,
7/01/29
.....................................
5,000,000
6,043,860
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Second
Lien,
2006
B,
NATL
Insured,
5%,
7/01/36
.......................................
15,000
15,059
City
of
Ecorse
,
GO
,
2011
,
6.5
%
,
11/01/35
.................................
3,415,000
3,429,939
Detroit
City
School
District
,
GO
,
2001
A
,
AGMC
Insured
,
6
%
,
5/01/29
............
15,900,000
19,472,136
Kalamazoo
Economic
Development
Corp.
,
b
Friendship
Village
of
Kalamazoo
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
8/15/31
....................................................
1,000,000
1,137,906
b
Friendship
Village
of
Kalamazoo
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
8/15/41
....................................................
1,235,000
1,373,337
b
Friendship
Village
of
Kalamazoo
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
8/15/51
....................................................
1,505,000
1,656,386
Heritage
Community
of
Kalamazoo
Obligated
Group,
Revenue,
2020
A,
5%,
5/15/43
1,120,000
1,267,148
Heritage
Community
of
Kalamazoo
Obligated
Group,
Revenue,
2020
A,
5%,
5/15/55
8,860,000
9,937,526
Michigan
Finance
Authority
,
Detroit
Public
Lighting
Authority
Utility
Users
Tax,
Revenue,
2014
B,
5%,
7/01/39
..
5,600,000
5,967,344
Detroit
Public
Lighting
Authority
Utility
Users
Tax,
Revenue,
2014
B,
5%,
7/01/44
..
5,000,000
5,304,573
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Senior
Lien,
2014
C-3,
AGMC
Insured,
5%,
7/01/32
....................................
10,000,000
11,154,181
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Senior
Lien,
2014
C-3,
AGMC
Insured,
5%,
7/01/33
....................................
3,000,000
3,344,612
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
90
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
Finance
Authority,
(continued)
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Senior
Lien,
2014
C-6,
Refunding,
5%,
7/01/33
........................................
$
10,000,000
$
11,121,373
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
D-1,
Refunding,
AGMC
Insured,
5%,
7/01/37
..............................................
5,000,000
5,541,624
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
D-4,
Refunding,
5%,
7/01/29
........................................................
11,000,000
12,248,532
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
D-4,
Refunding,
5%,
7/01/30
........................................................
9,000,000
10,021,526
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
D-4,
Refunding,
5%,
7/01/34
........................................................
10,000,000
11,113,190
b
Thomas
M
Cooley
Law
School,
Revenue,
144A,
2014,
Refunding,
6%,
7/01/24
...
1,800,000
1,810,779
b
Thomas
M
Cooley
Law
School,
Revenue,
144A,
2014,
Refunding,
6.75%,
7/01/44
.
5,505,000
5,548,209
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/49
...
3,000,000
3,432,024
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
B-2,
2,
Refunding,
Zero
Cpn.,
6/01/65
........................................................
110,000,000
14,942,840
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2011
MI,
Pre-Refunded,
5%,
12/01/39
.......................................................
75,000
75,000
Michigan
Strategic
Fund
,
b
Friendship
Village
of
Kalamazoo
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
8/15/31
....................................................
815,000
927,393
b
Friendship
Village
of
Kalamazoo
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
8/15/41
....................................................
895,000
995,253
b
Friendship
Village
of
Kalamazoo
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
8/15/51
....................................................
1,380,000
1,518,813
f
Graphic
Packaging
International
LLC,
Revenue,
2021,
Mandatory
Put,
4%,
10/01/26
250,000
279,383
Michigan
Tobacco
Settlement
Finance
Authority
,
Michigan
Finance
Authority
Tobacco
Settlement
,
Revenue
,
2007
B
,
Zero
Cpn.,
6/01/52
.........................
26,990,000
3,076,706
171,130,895
Minnesota
0.2%
City
of
Apple
Valley
,
PHS
Apple
Valley
Senior
Housing,
Inc.,
Revenue,
2021,
4%,
9/01/36
...........
200,000
218,411
PHS
Apple
Valley
Senior
Housing,
Inc.,
Revenue,
2021,
4%,
9/01/41
...........
290,000
313,445
PHS
Apple
Valley
Senior
Housing,
Inc.,
Revenue,
2021,
4%,
9/01/51
...........
500,000
530,681
PHS
Apple
Valley
Senior
Housing,
Inc.,
Revenue,
2021,
4%,
9/01/61
...........
870,000
913,512
City
of
Minneapolis
,
Ecumen
Mill
City
Quarter
LLC,
Revenue,
2015,
5.25%,
11/01/45
..............
2,800,000
2,851,410
Ecumen
Mill
City
Quarter
LLC,
Revenue,
2015,
5.375%,
11/01/50
..............
1,000,000
1,001,139
Duluth
Economic
Development
Authority
,
Benedictine
Health
System
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
7/01/31
........................................................
1,500,000
1,636,257
Benedictine
Health
System
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
7/01/36
........................................................
1,500,000
1,621,220
Benedictine
Health
System
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
7/01/41
........................................................
930,000
998,857
Housing
&
Redevelopment
Authority
of
The
City
of
St.
Paul
Minnesota
,
Episcopal
Homes
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
11/01/33
...
200,000
208,839
Episcopal
Homes
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
11/01/35
...
350,000
363,271
Episcopal
Homes
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
11/01/36
...
100,000
103,480
Episcopal
Homes
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
11/01/42
...
1,260,000
1,288,248
12,048,770
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
91
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Mississippi
1.2%
County
of
Lowndes
,
International
Paper
Co.
,
Revenue
,
1992
B
,
Refunding
,
6.7
%
,
4/01/22
.........................................................
$
18,875,000
$
19,247,507
b
Mississippi
Development
Bank
,
County
of
Hancock,
Revenue,
144A,
2019,
4.55%,
11/01/39
..................
2,250,000
2,521,427
Magnolia
Regional
Health
Center,
Revenue,
144A,
2021,
Refunding,
4%,
10/01/34
900,000
981,707
Magnolia
Regional
Health
Center,
Revenue,
144A,
2021,
Refunding,
4%,
10/01/35
800,000
871,257
Magnolia
Regional
Health
Center,
Revenue,
144A,
2021,
Refunding,
4%,
10/01/36
850,000
923,970
Magnolia
Regional
Health
Center,
Revenue,
144A,
2021,
Refunding,
4%,
10/01/41
3,000,000
3,235,720
Mississippi
Home
Corp.
,
b
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
4.5%,
6/01/62
.
7,000,000
6,884,212
b
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
C-5,
5.1%,
6/01/62
8,000,000
7,878,304
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
2021
D-8,
4.65%,
6/01/62
..................................................
5,515,000
5,540,432
Mississippi
Hospital
Equipment
&
Facilities
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
A
,
5
%
,
9/01/41
...............................
30,000,000
35,142,270
83,226,806
Missouri
0.3%
Cape
Girardeau
County
Industrial
Development
Authority
,
SoutheastHEALTH
Obligated
Group,
Revenue,
2016
A,
Refunding,
6%,
3/01/33
...
4,435,000
4,822,326
SoutheastHEALTH
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
3/01/29
...
250,000
295,716
City
of
Maryland
Heights
,
Tax
Allocation
,
2020
,
4.125
%
,
11/01/38
...............
2,500,000
2,623,007
Kirkwood
Industrial
Development
Authority
,
Ashfield
Active
Living
&
Wellness
Communities,
Inc.
Obligated
Group,
Revenue,
2017
A,
Refunding,
5.25%,
5/15/42
...................................
1,000,000
1,111,856
Ashfield
Active
Living
&
Wellness
Communities,
Inc.
Obligated
Group,
Revenue,
2017
A,
Refunding,
5.25%,
5/15/50
...................................
3,500,000
3,861,866
St.
Louis
County
Industrial
Development
Authority
,
Friendship
Village
of
West
County
,
Revenue
,
2012
,
Pre-Refunded
,
5
%
,
9/01/42
..............................
7,000,000
7,251,832
Stoddard
County
Industrial
Development
Authority
,
SoutheastHEALTH
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
6
%
,
3/01/37
.........................
3,875,000
4,207,614
24,174,217
Montana
0.1%
Montana
Facility
Finance
Authority
,
Kalispell
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/48
...............................
5,765,000
6,736,121
Nevada
1.1%
City
of
Henderson
,
Local
Improvement
District
No.
T-16,
Special
Assessment,
2005,
5.1%,
3/01/22
...
890,000
885,401
Local
Improvement
District
No.
T-16,
Special
Assessment,
2005,
5.125%,
3/01/25
.
935,000
879,011
Local
Improvement
District
No.
T-18,
Special
Assessment,
2016,
Refunding,
4%,
9/01/32
........................................................
1,750,000
1,874,306
Local
Improvement
District
No.
T-18,
Special
Assessment,
2016,
Refunding,
4%,
9/01/35
........................................................
2,500,000
2,657,297
City
of
Las
Vegas
,
Special
Improvement
District
No.
610,
Special
Assessment,
2018,
5%,
6/01/48
....
8,180,000
9,217,642
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4%,
6/01/33
....
185,000
207,933
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4%,
6/01/34
....
185,000
206,876
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4%,
6/01/35
....
185,000
206,125
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4%,
6/01/40
....
450,000
496,364
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4.125%,
6/01/50
1,150,000
1,259,348
Special
Improvement
District
No.
612
Skye
Hills,
Special
Assessment,
2020,
3.5%,
6/01/35
........................................................
210,000
220,437
Special
Improvement
District
No.
612
Skye
Hills,
Special
Assessment,
2020,
4%,
6/01/50
........................................................
1,000,000
1,056,819
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
92
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Nevada
(continued)
City
of
Las
Vegas,
(continued)
Special
Improvement
District
No.
812,
Special
Assessment,
2015,
5%,
12/01/27
...
$
1,420,000
$
1,588,671
Special
Improvement
District
No.
812,
Special
Assessment,
2015,
5%,
12/01/30
...
1,640,000
1,812,321
Special
Improvement
District
No.
812,
Special
Assessment,
2015,
5%,
12/01/35
...
1,040,000
1,139,403
Special
Improvement
District
No.
814,
Special
Assessment,
2019,
4%,
6/01/39
....
450,000
494,661
Special
Improvement
District
No.
814,
Special
Assessment,
2019,
4%,
6/01/44
....
750,000
815,191
Special
Improvement
District
No.
815,
Special
Assessment,
2020,
4.75%,
12/01/40
1,000,000
1,167,983
Special
Improvement
District
No.
816,
Special
Assessment,
2021,
2.75%,
6/01/33
.
520,000
529,163
Special
Improvement
District
No.
816,
Special
Assessment,
2021,
2.75%,
6/01/36
.
830,000
836,233
Special
Improvement
District
No.
816,
Special
Assessment,
2021,
3%,
6/01/41
....
650,000
664,589
Special
Improvement
District
No.
816,
Special
Assessment,
2021,
3.125%,
6/01/51
1,425,000
1,454,617
b
City
of
Reno
,
Sales
Tax
,
Revenue
,
144A,
2018
C
,
Refunding
,
Zero
Cpn.,
7/01/58
....
18,000,000
3,181,279
County
of
Clark
,
Special
Improvement
District
No.
128,
Special
Assessment,
2001-2007,
5%,
2/01/26
1,295,000
1,301,842
Special
Improvement
District
No.
128,
Special
Assessment,
2001-2007,
5.05%,
2/01/31
........................................................
1,010,000
1,014,496
Special
Improvement
District
No.
159,
Special
Assessment,
2015,
5%,
8/01/35
....
2,215,000
2,412,324
b
State
of
Nevada
Department
of
Business
&
Industry
,
Fulcrum
Sierra
Biofuels
LLC,
Revenue,
144A,
2017,
5.875%,
12/15/27
..........
11,186,199
12,490,168
Fulcrum
Sierra
Biofuels
LLC,
Revenue,
144A,
2017,
6.25%,
12/15/37
...........
9,000,000
9,686,423
Somerset
Academy
NLV
Building
1
/
Sky
Pointe
/
Stephanie
/
Losee
Campuses,
Revenue,
144A,
2018
A,
5%,
12/15/38
................................
1,000,000
1,106,749
Somerset
Academy
NLV
Building
1
/
Sky
Pointe
/
Stephanie
/
Losee
Campuses,
Revenue,
144A,
2018
A,
5%,
12/15/48
................................
1,500,000
1,638,280
Tahoe-Douglas
Visitors
Authority
,
Revenue,
2020,
5%,
7/01/33
.........................................
3,190,000
3,778,979
Revenue,
2020,
5%,
7/01/40
.........................................
3,225,000
3,777,033
Revenue,
2020,
5%,
7/01/45
.........................................
3,250,000
3,762,720
Revenue,
2020,
5%,
7/01/51
.........................................
4,250,000
4,898,128
78,718,812
New
Hampshire
0.2%
New
Hampshire
Business
Finance
Authority
,
Caritas
Acquisitions
VII
LLC,
Revenue,
2020
A,
3.75%,
8/15/30
...............
100,000
107,159
Caritas
Acquisitions
VII
LLC,
Revenue,
2020
A,
4.125%,
8/15/40
..............
2,545,000
2,736,389
Caritas
Acquisitions
VII
LLC,
Revenue,
2020
A,
4.25%,
8/15/46
...............
2,860,000
3,068,629
Caritas
Acquisitions
VII
LLC,
Revenue,
2020
A,
4.5%,
8/15/55
................
5,940,000
6,435,006
b,f
Covanta
Holding
Corp.,
Revenue,
144A,
2020
B,
Refunding,
Mandatory
Put,
3.75%,
7/02/40
........................................................
3,000,000
3,163,466
15,510,649
New
Jersey
4.2%
New
Jersey
Economic
Development
Authority
,
New
Jersey
Transit
Corp.,
Revenue,
2020
A,
5%,
11/01/44
...................
7,800,000
9,509,823
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/32
..........
500,000
556,253
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/37
..........
2,150,000
2,370,361
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/47
..........
2,200,000
2,396,118
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018
EEE,
5%,
6/15/33
1,365,000
1,683,064
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018
EEE,
5%,
6/15/36
2,640,000
3,236,954
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018
EEE,
4.625%,
6/15/48
........................................................
1,000,000
1,172,410
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018
EEE,
5%,
6/15/48
10,000,000
12,021,087
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2019
LLL,
5%,
6/15/39
750,000
926,127
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2019
LLL,
4%,
6/15/44
3,300,000
3,737,859
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
AAA,
5%,
6/15/35
....
3,450,000
4,072,981
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
AAA,
5%,
6/15/41
....
4,550,000
5,325,714
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
93
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Economic
Development
Authority,
(continued)
State
of
New
Jersey
Division
of
Property
Management
&
Construction,
Revenue,
2018
C,
5%,
6/15/34
..............................................
$
1,020,000
$
1,233,994
State
of
New
Jersey
Division
of
Property
Management
&
Construction,
Revenue,
2018
C,
5%,
6/15/35
..............................................
1,100,000
1,327,612
United
Airlines,
Inc.,
Revenue,
1999,
5.125%,
9/15/23
......................
10,510,000
10,916,132
United
Airlines,
Inc.,
Revenue,
1999,
5.25%,
9/15/29
.......................
25,000,000
25,938,275
United
Airlines,
Inc.,
Revenue,
2003,
5.5%,
6/01/33
........................
16,480,000
17,660,820
b
White
Horse
HMT
Urban
Renewal
LLC,
Revenue,
144A,
2020,
5%,
1/01/40
......
3,000,000
3,074,005
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2006
C,
NATL
Insured,
Zero
Cpn.,
12/15/30
......................
500,000
425,085
Revenue,
2006
C,
NATL
Insured,
Zero
Cpn.,
12/15/31
......................
3,675,000
3,040,479
Revenue,
2008
A,
Zero
Cpn.,
12/15/38
..................................
46,750,000
31,522,095
Revenue,
2009
A,
Zero
Cpn.,
12/15/39
..................................
42,425,000
27,718,420
Revenue,
2014
AA,
5%,
6/15/38
.......................................
5,060,000
5,566,808
Revenue,
2014
AA,
5%,
6/15/44
.......................................
9,335,000
10,226,411
Revenue,
2014
BB-1,
5%,
6/15/34
.....................................
500,000
615,306
Revenue,
2015
AA,
5.25%,
6/15/41
....................................
2,500,000
2,858,390
Revenue,
2018
A,
Refunding,
5%,
12/15/32
..............................
4,100,000
5,059,687
Revenue,
2018
A,
Refunding,
5%,
12/15/35
..............................
1,800,000
2,209,942
Revenue,
2019
A,
Refunding,
4%,
12/15/39
..............................
1,500,000
1,717,687
Revenue,
2019
AA,
5%,
6/15/46
.......................................
2,500,000
3,009,784
Revenue,
2019
BB,
4%,
6/15/44
.......................................
1,000,000
1,121,570
Revenue,
2019
BB,
5%,
6/15/44
.......................................
3,050,000
3,680,866
Revenue,
2019
BB,
5%,
6/15/50
.......................................
670,000
804,151
Revenue,
2020
AA,
4%,
6/15/45
.......................................
2,840,000
3,241,435
Revenue,
2020
AA,
5%,
6/15/45
.......................................
2,660,000
3,299,262
Revenue,
2020
AA,
4%,
6/15/50
.......................................
6,745,000
7,658,417
Revenue,
2020
AA,
5%,
6/15/50
.......................................
1,755,000
2,163,006
d
Revenue,
2022
AA,
Refunding,
5%,
6/15/37
..............................
9,500,000
12,048,766
Tobacco
Settlement
Financing
Corp.
,
Revenue,
2018
A,
Refunding,
5%,
6/01/46
...............................
9,500,000
11,171,397
Revenue,
2018
A,
Refunding,
5.25%,
6/01/46
.............................
18,000,000
21,559,810
Revenue,
2018
B,
Refunding,
5%,
6/01/46
...............................
25,000,000
29,166,667
297,045,030
New
Mexico
0.1%
Lower
Petroglyphs
Public
Improvement
District
,
Special
Tax,
2018,
Refunding,
5%,
10/01/33
..............................
500,000
548,618
Special
Tax,
2018,
Refunding,
5%,
10/01/38
..............................
450,000
488,946
Special
Tax,
2018,
Refunding,
5%,
10/01/48
..............................
1,205,000
1,301,788
New
Mexico
Hospital
Equipment
Loan
Council
,
Haverland
Carter
Lifestyle
Obligated
Group
,
Revenue
,
2012
,
5
%
,
7/01/42
....................................
5,000,000
5,071,788
7,411,140
New
York
6.5%
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
D'Youville
College
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/01/45
......................................
2,000,000
2,264,165
b
Build
NYC
Resource
Corp.
,
Shefa
School,
Revenue,
144A,
2021
A,
2.5%,
6/15/31
......................
400,000
404,072
Shefa
School,
Revenue,
144A,
2021
A,
5%,
6/15/51
........................
3,000,000
3,598,976
City
of
New
York
,
GO
,
1992
G
,
7.5
%
,
2/01/22
..............................
5,000
5,030
Metropolitan
Transportation
Authority
,
Revenue,
2013
D,
5%,
11/15/38
.......................................
14,040,000
15,082,810
Revenue,
2013
E,
5%,
11/15/33
.......................................
10,000,000
10,759,573
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
94
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Metropolitan
Transportation
Authority,
(continued)
f
Revenue,
2015
A-2,
Mandatory
Put,
5%,
5/15/30
..........................
$
1,000,000
$
1,273,950
Revenue,
2015
D-1,
Refunding,
5%,
11/15/32
............................
1,250,000
1,431,733
Revenue,
2016
A-1,
5.25%,
11/15/56
...................................
5,000,000
5,782,891
Revenue,
2017
A-2,
Refunding,
5%,
11/15/26
.............................
1,000,000
1,192,979
Revenue,
2017
C-1,
Refunding,
5%,
11/15/34
............................
7,500,000
9,036,810
Revenue,
2020
A-1,
5%,
11/15/47
.....................................
24,300,000
29,520,177
Revenue,
2020
A-1,
5%,
11/15/48
.....................................
650,000
789,119
Revenue,
2020
A-1,
5%,
11/15/49
.....................................
2,500,000
3,032,927
Revenue,
2020
C-1,
4.75%,
11/15/45
...................................
2,950,000
3,530,091
Revenue,
2020
C-1,
5%,
11/15/50
.....................................
42,795,000
51,880,913
Revenue,
2020
D,
5%,
11/15/44
.......................................
33,000,000
40,666,599
Revenue,
2020
D,
4%,
11/15/50
.......................................
40,000,000
45,369,424
Municipal
Assistance
Corp.
for
the
City
of
Troy
,
Revenue
,
1996
C
,
NATL
Insured
,
Zero
Cpn.,
1/15/22
.....................................................
649,658
649,419
New
York
City
Housing
Development
Corp.
,
FC
8
Spruce
Street
Residential
LLC
,
Revenue
,
2014
,
F
,
Refunding
,
4.5
%
,
2/15/48
.............................
9,825,000
10,127,215
New
York
Liberty
Development
Corp.
,
b
3
World
Trade
Center
LLC,
Revenue,
144A,
2014,
2,
Refunding,
5.375%,
11/15/40
.
15,000,000
16,667,991
Goldman
Sachs
Headquarters
LLC,
Revenue,
2005,
Refunding,
5.25%,
10/01/35
..
65,000,000
91,962,494
New
York
Transportation
Development
Corp.
,
American
Airlines,
Inc.,
Revenue,
2020,
Refunding,
5.25%,
8/01/31
............
11,265,000
13,480,098
American
Airlines,
Inc.,
Revenue,
2020,
Refunding,
5.375%,
8/01/36
...........
14,950,000
18,863,571
American
Airlines,
Inc.,
Revenue,
2021,
Refunding,
2.25%,
8/01/26
............
1,930,000
2,001,198
American
Airlines,
Inc.,
Revenue,
2021,
Refunding,
3%,
8/01/31
...............
4,500,000
4,901,841
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/35
.........................
6,500,000
8,077,064
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/40
.........................
6,000,000
7,387,747
Laguardia
Gateway
Partners
LLC,
Revenue,
2016
A,
5%,
7/01/46
.............
41,785,000
46,194,199
b
Rockland
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
144A,
2005
A
,
Zero
Cpn.,
8/15/45
.........................................................
61,000,000
15,475,743
461,410,819
North
Carolina
0.1%
North
Carolina
Medical
Care
Commission
,
Galloway
Ridge
Obligated
Group,
Revenue,
2014
A,
Refunding,
5.25%,
1/01/41
...
2,720,000
2,859,916
Maryfield,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
10/01/30
.......
2,790,000
2,980,159
Maryfield,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
10/01/35
.......
1,000,000
1,062,517
Maryfield,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
10/01/45
..............
1,000,000
1,121,653
Maryfield,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
10/01/50
..............
1,500,000
1,678,193
9,702,438
North
Dakota
0.4%
County
of
Burleigh
,
University
of
Mary,
Revenue,
2016,
5.1%,
4/15/36
.........................
2,800,000
2,970,619
University
of
Mary,
Revenue,
2016,
5.2%,
4/15/46
.........................
5,430,000
5,726,445
b
County
of
Grand
Forks
,
Red
River
Biorefinery
LLC,
Revenue,
144A,
2021
A,
6.625%,
12/15/31
..........
2,875,000
2,913,101
Red
River
Biorefinery
LLC,
Revenue,
144A,
2021
A,
7%,
12/15/43
.............
13,900,000
14,040,115
25,650,280
Ohio
2.6%
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien,
2020
A-2,
1,
Refunding,
3%,
6/01/48
..................
25,130,000
25,911,325
Revenue,
Senior
Lien,
2020
A-2,
1,
Refunding,
4%,
6/01/48
..................
1,000,000
1,131,334
Revenue,
Senior
Lien,
2020
B-2,
2,
Refunding,
5%,
6/01/55
..................
20,875,000
23,969,015
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
95
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
City
of
Centerville
,
Graceworks
Lutheran
Services
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/01/50
..........................................
$
5,000,000
$
5,497,246
Cleveland-Cuyahoga
County
Port
Authority
,
b
Flats
East
Bank
TIF
District,
Tax
Allocation,
144A,
2021
B,
Refunding,
4.5%,
12/01/55
1,500,000
1,599,533
b
Flats
East
Bank
TIF
District,
Tax
Allocation,
Senior
Lien,
144A,
2021
A,
Refunding,
4%,
12/01/55
...................................................
1,250,000
1,318,261
Playhouse
Square
Foundation,
Revenue,
2018,
Refunding,
5.25%,
12/01/38
.....
700,000
818,954
Playhouse
Square
Foundation,
Revenue,
2018,
Refunding,
5.5%,
12/01/43
......
700,000
821,771
County
of
Fairfield
,
Fairfield
Medical
Center
Obligated
Group
,
Revenue
,
2013
,
Refunding
,
5
%
,
6/15/43
.............................................
10,000,000
10,274,188
County
of
Franklin
,
Wesley
Communities
Obligated
Group,
Revenue,
2020,
Refunding,
5.25%,
11/15/40
2,910,000
3,330,682
Wesley
Communities
Obligated
Group,
Revenue,
2020,
Refunding,
5.25%,
11/15/55
8,800,000
9,942,805
Franklin
County
Convention
Facilities
Authority
,
Revenue
,
2019
,
5
%
,
12/01/51
......
5,000,000
5,731,993
Ohio
Higher
Educational
Facility
Commission
,
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/42
...........
1,360,000
1,585,194
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/45
...........
1,205,000
1,396,995
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/50
...........
2,570,000
2,972,817
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
Junior
Lien
,
2013
A-4
,
Zero
Cpn.,
2/15/35
.....................................................
35,000,000
44,020,249
Southeastern
Ohio
Port
Authority
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group,
Revenue,
2012,
Refunding,
6%,
12/01/42
.......................................................
14,000,000
14,486,485
Marietta
Area
Health
Care,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
12/01/35
.......................................................
1,000,000
1,067,516
Marietta
Area
Health
Care,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
12/01/43
.......................................................
1,000,000
1,058,496
Marietta
Area
Health
Care,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5.5%,
12/01/43
.......................................................
1,300,000
1,404,263
State
of
Ohio
,
b
Aultman
Health
Foundation
Obligated
Group,
Revenue,
144A,
2018,
Refunding,
5%,
12/01/38
.......................................................
5,000,000
5,385,707
b
Aultman
Health
Foundation
Obligated
Group,
Revenue,
144A,
2018,
Refunding,
5%,
12/01/48
.......................................................
15,195,000
16,149,747
University
Hospitals
Health
System,
Inc.
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
1/15/46
............................................
6,000,000
6,904,106
186,778,682
Oklahoma
0.2%
Tulsa
County
Industrial
Authority
,
Montereau
Obligated
Group,
Revenue,
2017,
Refunding,
5.25%,
11/15/37
.......
1,000,000
1,138,112
Montereau
Obligated
Group,
Revenue,
2017,
Refunding,
5.25%,
11/15/45
.......
10,280,000
11,590,570
12,728,682
Oregon
0.7%
Clackamas
County
Hospital
Facility
Authority
,
Rose
Villa,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5.125%,
11/15/40
.
500,000
550,975
Rose
Villa,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5.25%,
11/15/50
..
1,250,000
1,375,809
Rose
Villa,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5.375%,
11/15/55
.
1,500,000
1,654,943
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/45
...
9,285,000
11,496,353
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Mirabella
at
South
Waterfront,
Revenue,
2014
A,
Refunding,
5.4%,
10/01/44
.....
3,000,000
3,219,190
Mirabella
at
South
Waterfront,
Revenue,
2014
A,
Refunding,
5.5%,
10/01/49
.....
5,500,000
5,905,843
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
96
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Polk
County
Hospital
Facility
Authority
,
Dallas
Mennonite
Retirement
Community
Obligated
Group,
Revenue,
2020
A,
5.125%,
7/01/55
.................................................
$
3,500,000
$
3,638,268
Dallas
Mennonite
Retirement
Community
Obligated
Group,
Revenue,
2020
B,
4%,
7/01/24
........................................................
1,500,000
1,504,617
Salem
Hospital
Facility
Authority
,
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2012,
Refunding,
5%,
5/15/22
....
215,000
219,012
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2012,
Refunding,
5.75%,
5/15/27
..
1,000,000
1,021,029
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2012,
Refunding,
5.625%,
5/15/32
.
1,000,000
1,017,478
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2012,
Refunding,
6%,
5/15/42
....
3,100,000
3,155,136
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2012,
Refunding,
6%,
5/15/47
....
2,000,000
2,034,565
Yamhill
County
Hospital
Authority
,
Friendsview
Manor
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
11/15/51
..
4,325,000
4,686,745
Friendsview
Manor
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
11/15/36
..
1,220,000
1,458,238
Friendsview
Manor
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
11/15/46
..
1,540,000
1,799,334
Friendsview
Manor
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
11/15/51
..
1,100,000
1,281,407
Friendsview
Manor
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
11/15/56
..
1,940,000
2,243,811
48,262,753
Pennsylvania
2.0%
b
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue,
144A,
2017,
Refunding,
5%,
5/01/32
............................
11,975,000
13,882,782
Revenue,
144A,
2018,
5%,
5/01/42
....................................
3,245,000
3,804,759
Revenue,
144A,
2018,
5.375%,
5/01/42
.................................
5,000,000
5,840,431
Bucks
County
Industrial
Development
Authority
,
Grand
View
Hospital/Sellersville
Obligated
Group,
Revenue,
2021,
4%,
7/01/46
...
1,500,000
1,696,548
Grand
View
Hospital/Sellersville
Obligated
Group,
Revenue,
2021,
5%,
7/01/54
...
1,500,000
1,838,770
Chester
County
Industrial
Development
Authority
,
b
Borough
of
Phoenixville
Steelpointe
Neighborhood
Improvement
District,
Special
Assessment,
144A,
2020,
4.75%,
3/01/50
..............................
4,250,000
4,508,979
Renaissance
Academy
Charter
School,
Revenue,
2014,
5%,
10/01/34
..........
1,500,000
1,651,078
Renaissance
Academy
Charter
School,
Revenue,
2014,
5%,
10/01/39
..........
3,325,000
3,647,826
Renaissance
Academy
Charter
School,
Revenue,
2014,
5%,
10/01/44
..........
1,945,000
2,125,824
b
Woodlands
at
Greystone
Neighborhood
Improvement
District,
Special
Assessment,
144A,
2018,
5%,
3/01/38
...........................................
425,000
484,765
b
Woodlands
at
Greystone
Neighborhood
Improvement
District,
Special
Assessment,
144A,
2018,
5.125%,
3/01/48
.......................................
1,000,000
1,137,318
Dallas
Area
Municipal
Authority
,
Misericordia
University,
Revenue,
2019,
Refunding,
5%,
5/01/39
..............
1,100,000
1,272,937
Misericordia
University,
Revenue,
2019,
Refunding,
5%,
5/01/48
..............
4,000,000
4,560,465
East
Hempfield
Township
Industrial
Development
Authority
,
Student
Services,
Inc.,
Revenue,
2013,
Pre-Refunded,
5%,
7/01/35
............
1,000,000
1,073,499
Student
Services,
Inc.,
Revenue,
2013,
Pre-Refunded,
5%,
7/01/45
............
2,500,000
2,683,748
Franklin
County
Industrial
Development
Authority
,
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
12/01/38
...
1,000,000
1,102,245
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
12/01/43
...
1,200,000
1,314,540
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
12/01/48
...
4,600,000
5,018,965
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
12/01/53
...
3,050,000
3,321,754
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2019,
5%,
12/01/54
............
1,000,000
1,088,704
Lancaster
County
Hospital
Authority
,
Brethren
Village
Obligated
Group,
Revenue,
2017,
Refunding,
5.125%,
7/01/37
...
1,000,000
1,136,477
Brethren
Village
Obligated
Group,
Revenue,
2017,
Refunding,
5.25%,
7/01/41
....
3,500,000
3,976,884
Lehigh
County
Industrial
Development
Authority
,
Seven
Generations
Charter
School,
Revenue,
2021
A,
4%,
5/01/31
............
680,000
752,423
Seven
Generations
Charter
School,
Revenue,
2021
A,
4%,
5/01/51
............
2,385,000
2,544,673
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
97
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/36
...........................................
$
6,710,000
$
7,875,969
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
5%,
11/15/45
.......................................................
1,000,000
1,206,193
Pennsylvania
Turnpike
Commission
,
Revenue,
2009
C,
AGMC
Insured,
6.25%,
6/01/33
.........................
5,000,000
6,212,700
Revenue,
B-2,
Zero
Cpn.,
12/01/37
....................................
20,000,000
21,663,330
Revenue,
B-2,
Zero
Cpn.,
12/01/40
....................................
25,075,000
27,078,194
Philadelphia
Authority
for
Industrial
Development
,
Evangelical
Services
for
the
Aging
Obligated
Group,
Revenue,
A,
Refunding,
5%,
7/01/49
........................................................
3,000,000
3,312,616
Philadelphia
Electrical
&
Technology
Charter
High
School,
Revenue,
2021
A,
4%,
6/01/31
........................................................
575,000
655,374
Philadelphia
Electrical
&
Technology
Charter
High
School,
Revenue,
2021
A,
4%,
6/01/41
........................................................
750,000
827,891
Philadelphia
Electrical
&
Technology
Charter
High
School,
Revenue,
2021
A,
4%,
6/01/51
........................................................
800,000
868,444
Philadelphia
Electrical
&
Technology
Charter
High
School,
Revenue,
2021
A,
4%,
6/01/56
........................................................
850,000
919,062
141,086,167
Rhode
Island
0.1%
Rhode
Island
Health
and
Educational
Building
Corp.
,
Care
New
England
Health
System
Obligated
Group
,
Revenue
,
2013
A
,
Pre-Refunded
,
6
%
,
9/01/33
........
7,320,000
8,051,703
South
Carolina
1.1%
South
Carolina
Jobs-Economic
Development
Authority
,
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group,
Revenue,
2017,
5%,
4/01/52
........................................................
1,750,000
1,905,802
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
4/01/48
............................................
3,500,000
3,775,824
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group,
Revenue,
2018
A,
Refunding,
5.25%,
4/01/53
.........................................
11,000,000
11,920,659
South
Carolina
Public
Service
Authority
,
Revenue
,
2013
B
,
Refunding
,
5.125
%
,
12/01/43
........................................................
52,890,000
57,693,581
75,295,866
South
Dakota
0.2%
City
of
Sioux
Falls
,
Dow
Rummel
Village,
Revenue,
2016,
Refunding,
5%,
11/01/46
...............
11,110,000
11,712,303
Dow
Rummel
Village,
Revenue,
2017,
5%,
11/01/42
........................
3,000,000
3,285,084
14,997,387
Tennessee
1.1%
Johnson
City
Health
&
Educational
Facilities
Board
,
Mountain
States
Health
Alliance
Obligated
Group,
Revenue,
2000
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
7/01/27
....................................
19,365,000
17,666,387
Mountain
States
Health
Alliance
Obligated
Group,
Revenue,
2000
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
7/01/28
....................................
19,400,000
17,225,243
Mountain
States
Health
Alliance
Obligated
Group,
Revenue,
2000
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
7/01/29
....................................
19,365,000
16,688,176
Mountain
States
Health
Alliance
Obligated
Group,
Revenue,
2000
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
7/01/30
....................................
19,370,000
16,175,329
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
98
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Tennessee
(continued)
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
,
Vanderbilt
University
Medical
Center
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
7/01/40
.........................................................
$
10,000,000
$
11,817,525
b
Nashville
Metropolitan
Development
&
Housing
Agency
,
Tax
Allocation
,
144A,
2018
,
5.125
%
,
6/01/36
...................................................
900,000
1,029,840
80,602,500
Texas
7.5%
Cedar
Bayou
Navigation
District
,
Special
Assessment
,
2020
,
6
%
,
9/15/51
.........
7,500,000
8,086,210
Central
Texas
Regional
Mobility
Authority
,
Revenue,
2010,
Zero
Cpn.,
1/01/35
....................................
3,000,000
2,251,501
Revenue,
2010,
Zero
Cpn.,
1/01/37
....................................
2,500,000
1,764,817
Revenue,
2010,
Zero
Cpn.,
1/01/38
....................................
2,405,000
1,647,359
Revenue,
2010,
Zero
Cpn.,
1/01/39
....................................
2,545,000
1,692,111
b
City
of
Anna
,
Sherley
Tract
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2021,
3.75%,
9/15/31
..................................................
200,000
198,861
Sherley
Tract
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2021,
4.5%,
9/15/31
...................................................
157,000
156,131
Sherley
Tract
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2021,
4%,
9/15/41
....................................................
867,000
858,765
Sherley
Tract
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2021,
4.25%,
9/15/51
..................................................
1,406,000
1,389,599
Sherley
Tract
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2021,
5%,
9/15/51
....................................................
503,000
497,580
b
City
of
Austin
,
Whisper
Valley
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.625%,
11/01/39
................................................
1,405,000
1,583,725
Whisper
Valley
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.75%,
11/01/48
.................................................
2,450,000
2,749,986
b
City
of
Bee
Cave
,
Backyard
Public
improvement
District
,
Special
Assessment
,
144A,
2021
,
5.25
%
,
9/01/51
...............................................
1,000,000
1,018,829
City
of
Celina
,
b
Creeks
of
Legacy
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.25%,
9/01/40
..................................................
230,000
241,217
b
Creeks
of
Legacy
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.375%,
9/01/49
.................................................
1,845,000
1,935,295
b
Edgewood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.75%,
9/01/31
..................................................
215,000
216,998
b
Edgewood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.25%,
9/01/41
..................................................
500,000
507,961
b
Edgewood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5.25%,
9/01/41
..................................................
370,000
375,896
b
Edgewood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.5%,
9/01/50
...................................................
605,000
613,071
b
Edgewood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5.5%,
9/01/50
...................................................
500,000
506,352
Lakes
at
Mustang
Ranch
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
9/01/35
.................................
1,020,000
1,038,873
b
Sutton
Fields
II
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.25%,
9/01/49
..................................................
3,065,000
3,275,641
b
Sutton
Fields
II
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
9/01/50
.................................................
1,800,000
1,862,086
b,d
The
Parks
at
Wilson
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.75%,
9/01/26
.............................................
145,000
145,357
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
99
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Celina,
(continued)
b,d
The
Parks
at
Wilson
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.5%,
9/01/26
..............................................
$
145,000
$
145,350
b,d
The
Parks
at
Wilson
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.25%,
9/01/31
.............................................
150,000
150,716
b,d
The
Parks
at
Wilson
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/31
................................................
473,000
475,188
b,d
The
Parks
at
Wilson
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.5%,
9/01/41
..............................................
1,205,000
1,211,886
b,d
The
Parks
at
Wilson
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.25%,
9/01/41
.............................................
1,265,000
1,271,953
b,d
The
Parks
at
Wilson
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/51
................................................
1,023,000
1,051,220
b,d
The
Parks
at
Wilson
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.5%,
9/01/51
..............................................
1,501,000
1,509,143
b
Wells
North
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.75%,
9/01/40
........................................................
425,000
442,366
b
Wells
North
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/50
........................................................
520,000
542,634
b
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/40
........................................................
350,000
372,027
b
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/50
........................................................
965,000
1,005,520
b
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3%,
9/01/31
........................................................
158,000
159,204
b
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.375%,
9/01/41
........................................................
379,000
381,655
b
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/51
........................................................
1,004,000
1,045,956
b
City
of
Crandall
,
Cartwright
Ranch
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/31
........................................................
300,000
306,703
Cartwright
Ranch
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.75%,
9/15/31
..................................................
161,000
164,819
Cartwright
Ranch
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.25%,
9/15/41
..................................................
1,000,000
1,024,104
Cartwright
Ranch
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5%,
9/15/41
........................................................
1,144,000
1,176,928
Cartwright
Ranch
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.5%,
9/15/51
...................................................
2,000,000
2,055,718
Cartwright
Ranch
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5.25%,
9/15/51
..................................................
750,000
774,344
b
City
of
Elmendorf
,
Hickory
Ridge
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.375%,
9/01/31
.................................................
298,000
296,274
Hickory
Ridge
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.75%,
9/01/41
........................................................
1,205,000
1,183,475
Hickory
Ridge
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/51
........................................................
1,172,000
1,157,864
b
City
of
Fate
,
Monterra
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.75%,
8/15/26
........................................................
400,000
401,596
Monterra
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.375%,
8/15/31
........................................................
711,000
718,498
Monterra
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.75%,
8/15/41
........................................................
1,871,000
1,890,676
Monterra
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
8/15/51
1,765,000
1,800,534
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
100
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
b
City
of
Fate,
(continued)
Williamsburg
East
Public
Improvement
District,
Revenue,
144A,
2020,
4.125%,
8/15/30
........................................................
$
665,000
$
686,335
Williamsburg
East
Public
Improvement
District,
Revenue,
144A,
2020,
4.625%,
8/15/40
........................................................
1,163,000
1,211,206
Williamsburg
East
Public
Improvement
District,
Revenue,
144A,
2020,
4.875%,
8/15/50
........................................................
1,772,000
1,840,615
Williamsburg
East
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.375%,
8/15/30
.................................................
125,000
129,400
Williamsburg
East
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.875%,
8/15/40
.................................................
691,000
715,744
Williamsburg
East
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
8/15/50
.................................................
994,000
1,028,084
b
City
of
Fort
Worth
,
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2017,
5%,
9/01/27
................................
1,765,000
1,904,193
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2017,
5%,
9/01/32
................................
1,270,000
1,341,232
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2017,
5.125%,
9/01/37
.............................
1,650,000
1,724,199
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2018,
5%,
9/01/27
................................
1,390,000
1,457,239
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2018,
5%,
9/01/32
................................
1,530,000
1,610,632
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2018,
5%,
9/01/37
................................
1,975,000
2,051,339
b
City
of
Haslet
,
Public
Improvement
District
No.
5,
Special
Assessment,
144A,
2021,
2.625%,
9/01/26
........................................................
447,000
449,156
Public
Improvement
District
No.
5,
Special
Assessment,
144A,
2021,
3.25%,
9/01/31
150,000
151,857
Public
Improvement
District
No.
5,
Special
Assessment,
144A,
2021,
3.625%,
9/01/41
........................................................
1,271,000
1,289,757
Public
Improvement
District
No.
5,
Special
Assessment,
144A,
2021,
4%,
9/01/51
.
1,026,000
1,059,441
City
of
Horseshoe
Bay
,
Escondido
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3%,
10/01/30
.......................................................
500,000
516,382
Escondido
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.25%,
10/01/33
.................................................
435,000
452,980
City
of
Houston
Airport
System
,
United
Airlines,
Inc.,
Revenue,
2021
A,
4%,
7/01/41
........................
6,500,000
6,959,814
United
Airlines,
Inc.,
Revenue,
2021
B-1,
4%,
7/15/41
.......................
4,000,000
4,270,149
b
City
of
Hutto
,
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.5%,
9/01/26
...................................................
330,000
331,867
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.125%,
9/01/31
.................................................
260,000
262,943
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.5%,
9/01/41
...................................................
1,038,000
1,053,474
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/51
....................................................
1,345,000
1,393,931
Durango
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.75%,
9/01/26
..................................................
270,000
271,486
Durango
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.5%,
9/01/31
........................................................
392,000
397,844
Durango
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.875%,
9/01/41
.................................................
1,000,000
1,014,683
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
101
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
b
City
of
Hutto,
(continued)
Durango
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/56
........................................................
$
2,479,000
$
2,506,904
Emory
Crossing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.25%,
9/01/31
..................................................
206,000
207,966
Emory
Crossing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.625%,
9/01/41
.................................................
519,000
524,052
Emory
Crossing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/56
........................................................
1,146,000
1,162,742
b
City
of
Justin
,
Timberbrook
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3%,
9/01/31
....................................................
500,000
497,892
Timberbrook
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3.375%,
9/01/41
.................................................
2,812,000
2,801,448
Timberbrook
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
4%,
9/01/51
....................................................
2,052,000
2,110,370
b
City
of
Kaufman
,
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3.125%,
9/15/31
........................................................
130,000
130,445
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3.625%,
9/15/41
........................................................
570,000
575,603
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
4%,
9/15/50
.
440,000
448,560
b
City
of
Kyle
,
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.125%,
9/01/30
........................................................
400,000
404,652
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.625%,
9/01/40
........................................................
1,310,000
1,329,411
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.5%,
9/01/44
........................................................
1,380,000
1,388,235
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/46
375,000
385,019
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.75%,
9/01/26
........................................................
224,000
225,258
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.375%,
9/01/31
........................................................
530,000
536,541
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.75%,
9/01/41
........................................................
1,428,000
1,448,944
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/46
1,000,000
1,027,618
City
of
Lago
Vista
,
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.125%,
9/01/30
........................................
300,000
311,547
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.75%,
9/01/42
.........................................
1,045,000
1,092,575
b
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
144A,
2020
A,
Refunding,
5%,
9/01/30
.....................................
2,000,000
2,165,781
b
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
144A,
2020
A,
Refunding,
5.125%,
9/01/35
..................................
2,070,000
2,245,469
b
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
144A,
2020
A,
Refunding,
5.5%,
9/01/40
....................................
2,715,000
2,998,324
b
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
144A,
2020
B,
Refunding,
4.875%,
9/01/50
..................................
2,500,000
2,643,888
City
of
Leander
,
Oak
Creek
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.25%,
9/01/32
..................................................
530,000
563,337
Oak
Creek
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.25%,
9/01/38
..................................................
1,275,000
1,327,557
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
102
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Leander,
(continued)
Oak
Creek
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.25%,
9/01/44
..................................................
$
1,490,000
$
1,532,772
b
City
of
Liberty
Hill
,
Summerlyn
West
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.125%,
9/01/30
.................................................
250,000
258,056
Summerlyn
West
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/40
........................................................
845,000
903,513
Summerlyn
West
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/54
........................................................
1,890,000
1,980,941
b
City
of
Manor
,
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.5%,
9/15/26
........................................................
110,000
110,033
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.125%,
9/15/26
.................................................
110,000
109,948
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.125%,
9/15/31
.................................................
250,000
250,512
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.75%,
9/15/31
........................................................
310,000
310,827
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.5%,
9/15/41
........................................................
700,000
702,282
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.125%,
9/15/41
.................................................
830,000
835,281
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/51
........................................................
1,000,000
1,025,226
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.375%,
9/15/51
.................................................
1,225,000
1,229,775
b
City
of
Marble
Falls
,
Thunder
Rock
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.875%,
9/01/31
.................................................
250,000
248,583
Thunder
Rock
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.125%,
9/01/41
.................................................
1,000,000
990,611
Thunder
Rock
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.875%,
9/01/41
.................................................
450,000
446,024
Thunder
Rock
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.375%,
9/01/51
.................................................
1,470,000
1,455,418
Thunder
Rock
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5.125%,
9/01/51
.................................................
620,000
613,412
b
City
of
Mclendon-Chisholm
,
Special
Assessment,
144A,
2021,
2.625%,
9/15/26
.........................
205,000
205,052
Special
Assessment,
144A,
2021,
3.625%,
9/15/41
.........................
620,000
623,026
Special
Assessment,
144A,
2021,
4%,
9/15/51
............................
865,000
879,698
b
City
of
Midlothian
,
Redden
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.5%,
9/15/31
........................................................
300,000
304,531
Redden
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.125%,
9/15/31
.................................................
230,000
232,482
Redden
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.875%,
9/15/41
.................................................
1,105,000
1,119,800
Redden
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.5%,
9/15/41
........................................................
420,000
427,637
Redden
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.125%,
9/15/51
.................................................
1,635,000
1,655,967
Redden
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.75%,
9/15/51
..................................................
610,000
621,441
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
103
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
b,d
City
of
New
Braunfels
,
Solms
Landing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.625%,
9/01/26
.................................................
$
120,000
$
120,292
Solms
Landing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.25%,
9/01/31
..................................................
320,000
321,672
Solms
Landing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.5%,
9/01/41
........................................................
882,000
887,470
Solms
Landing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.75%,
9/01/51
..................................................
1,454,000
1,462,901
b
City
of
Oak
Point
,
Oak
Point
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2020,
3.25%,
9/01/30
..................................................
300,000
311,583
Oak
Point
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2020,
3.75%,
9/01/40
..................................................
1,170,000
1,217,809
Oak
Point
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2020,
4%,
9/01/50
........................................................
1,060,000
1,102,840
Wildridge
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
2.75%,
9/01/31
..................................................
160,000
158,374
Wildridge
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3.125%,
9/01/41
.................................................
643,000
636,891
Wildridge
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
4%,
9/01/51
........................................................
470,000
486,452
b
City
of
Plano
,
Collin
Creek
East
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.375%,
9/15/51
.................................................
2,750,000
2,800,308
Collin
Creek
West
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/51
....................................................
2,343,000
2,439,268
b
City
of
Princeton
,
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2020,
2.875%,
9/01/25
.................................................
128,000
130,591
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.375%,
9/01/30
.................................................
180,000
188,413
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.875%,
9/01/40
.................................................
650,000
686,781
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
9/01/50
.................................................
936,000
992,756
Brookside
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3%,
9/01/31
........................................................
128,000
128,349
Brookside
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.375%,
9/01/41
........................................................
325,000
326,091
Brookside
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/51
........................................................
435,000
448,436
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.25%,
9/01/30
........................................................
200,000
211,397
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.75%,
9/01/40
........................................................
470,000
500,729
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/50
........................................................
675,000
723,512
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.875%,
9/01/31
........................................................
110,000
110,687
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.25%,
9/01/41
........................................................
518,000
521,522
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/51
........................................................
620,000
648,874
b
City
of
Red
Oak
,
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
2.625%,
9/15/26
........................................................
150,000
150,098
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
104
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
b
City
of
Red
Oak,
(continued)
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3.125%,
9/15/31
........................................................
$
354,000
$
355,208
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3.375%,
9/15/41
........................................................
500,000
497,847
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
4%,
9/15/51
.
665,000
683,642
b
City
of
Rowlett
,
Trails
at
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.125%,
9/15/31
............................................
200,000
198,576
Trails
at
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.75%,
9/15/31
.............................................
200,000
199,829
Trails
at
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.75%,
9/15/41
.............................................
820,000
824,374
Trails
at
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.125%,
9/15/41
............................................
600,000
601,755
Trails
at
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/51
................................................
1,172,000
1,187,617
Trails
at
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.25%,
9/15/51
.............................................
1,000,000
994,921
b
City
of
Royse
City
,
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.375%,
9/15/30
........................................................
450,000
465,879
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.625%,
9/15/30
........................................................
225,000
236,935
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.375%,
9/15/30
........................................................
210,000
219,612
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.875%,
9/15/40
........................................................
1,190,000
1,243,161
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
9/15/40
........................................................
590,000
626,682
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.875%,
9/15/40
........................................................
375,000
398,985
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
9/15/50
........................................................
1,780,000
1,855,912
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.375%,
9/15/50
........................................................
715,000
758,538
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
5.125%,
9/15/50
........................................................
575,000
610,978
Waterscape
Public
Improvement
District,
Special
Assessment,
144A,
2017,
5%,
9/15/48
........................................................
2,700,000
2,980,534
Waterscape
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.375%,
9/15/39
........................................................
610,000
659,902
Waterscape
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.5%,
9/15/48
........................................................
1,260,000
1,355,419
b
City
of
Sachse
,
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
3.25%,
9/15/30
405,000
418,097
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
3.75%,
9/15/40
1,070,000
1,115,559
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
5.375%,
9/15/40
........................................................
2,035,000
2,141,022
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
4%,
9/15/50
.
1,485,000
1,547,535
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
5.625%,
9/15/50
........................................................
2,235,000
2,350,194
City
of
San
Marcos
,
Special
Assessment,
2020,
4.375%,
9/01/25
.............................
260,000
265,952
Special
Assessment,
2020,
4.875%,
9/01/30
.............................
305,000
324,995
Special
Assessment,
2020,
5.375%,
9/01/40
.............................
1,300,000
1,411,065
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
105
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
San
Marcos,
(continued)
Special
Assessment,
2020,
5.625%,
9/01/50
.............................
$
1,300,000
$
1,414,988
b
City
of
Tomball
,
Raburn
Reserve
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.375%,
9/15/30
.................................................
375,000
385,332
Raburn
Reserve
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/15/50
........................................................
2,015,000
2,092,009
b
City
of
Venus
,
Patriot
Estates
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.625%,
9/15/26
.................................................
234,000
234,531
Patriot
Estates
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.125%,
9/15/31
.................................................
150,000
150,253
Patriot
Estates
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.375%,
9/15/41
.................................................
1,105,000
1,106,090
Patriot
Estates
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/51
........................................................
1,012,000
1,044,788
Clifton
Higher
Education
Finance
Corp.
,
Uplift
Education
,
Revenue
,
A
,
5
%
,
12/01/45
.
3,855,000
4,253,533
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel,
Revenue,
Second
Lien,
2021
B,
3.5%,
10/01/31
.
450,000
450,388
Conroe
Convention
Center
Hotel,
Revenue,
Second
Lien,
2021
B,
5%,
10/01/50
..
1,200,000
1,320,252
b
County
of
Hays
,
La
Cima
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.25%,
9/15/30
........................................................
100,000
103,290
La
Cima
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.75%,
9/15/40
........................................................
800,000
834,687
La
Cima
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/15/50
1,200,000
1,251,459
b
County
of
Medina
,
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.5%,
9/01/26
........................................................
240,000
240,825
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.125%,
9/01/31
........................................................
400,000
404,520
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.875%,
9/01/31
........................................................
815,000
823,742
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.5%,
9/01/41
........................................................
1,085,000
1,100,338
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5.25%,
9/01/41
........................................................
780,000
792,430
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.75%,
9/01/50
........................................................
870,000
883,518
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5.5%,
9/01/50
........................................................
1,160,000
1,175,617
Dallas
Fort
Worth
International
Airport
,
Revenue
,
2013
B
,
5
%
,
11/01/44
...........
11,385,000
11,849,246
El
Paso
Downtown
Development
Corp.
,
City
of
El
Paso
,
Revenue
,
2013
A
,
Pre-
Refunded
,
7.25
%
,
8/15/38
...........................................
15,000,000
16,727,661
Grand
Parkway
Transportation
Corp.
,
Revenue,
2013
B,
Zero
Cpn.,
10/01/45
..................................
10,000,000
11,636,874
Revenue,
First
Tier,
2013
A,
5.125%,
10/01/43
............................
2,850,000
3,068,283
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Brazos
Presbyterian
Homes
Obligated
Group,
Revenue,
2013
B,
Pre-Refunded,
7%,
1/01/43
........................................................
3,000,000
3,213,452
Brazos
Presbyterian
Homes
Obligated
Group,
Revenue,
2013
B,
Pre-Refunded,
7%,
1/01/48
........................................................
5,250,000
5,623,541
Brazos
Presbyterian
Homes
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
1/01/48
........................................................
5,000,000
5,484,104
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
106
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Harris
County-Houston
Sports
Authority
,
Revenue,
Third
Lien
,
2004
A-3
,
NATL
Insured
,
Zero
Cpn.,
11/15/37
................................................
$
3,700,000
$
1,583,446
e
Mesquite
Health
Facilities
Development
Corp.
,
Christian
Care
Centers,
Inc.
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
2/15/36
........................................................
1,000,000
780,000
Christian
Care
Centers,
Inc.
Obligated
Group,
Revenue,
2014,
Refunding,
5.125%,
2/15/42
........................................................
3,750,000
2,925,000
Christian
Care
Centers,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
2/15/35
........................................................
5,175,000
4,036,499
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
Cardinal
Bay,
Inc.,
Revenue,
D,
6%,
7/01/26
.............................
110,000
106,872
Cardinal
Bay,
Inc.,
Revenue,
D,
7%,
7/01/51
.............................
5,110,000
4,672,668
CHF-Collegiate
Housing
College
Station
I
LLC,
Revenue,
2014
A,
5%,
4/01/29
....
2,190,000
2,330,043
CHF-Collegiate
Housing
College
Station
I
LLC,
Revenue,
2014
A,
5%,
4/01/46
....
1,500,000
1,571,817
CHF-Collegiate
Housing
Corpus
Christi
II
LLC,
Revenue,
A,
Pre-Refunded,
5%,
4/01/31
........................................................
1,300,000
1,539,143
CHF-Collegiate
Housing
Corpus
Christi
II
LLC,
Revenue,
A,
Pre-Refunded,
5%,
4/01/36
........................................................
1,000,000
1,183,956
CHF-Collegiate
Housing
Corpus
Christi
II
LLC,
Revenue,
A,
Pre-Refunded,
5%,
4/01/48
........................................................
2,500,000
2,959,890
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017
A,
ETM,
4%,
4/01/22
250,000
253,105
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017
A,
ETM,
5%,
4/01/24
965,000
1,067,811
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017
A,
ETM,
5%,
4/01/26
525,000
622,813
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017
A,
ETM,
5%,
4/01/27
460,000
561,969
CHF-Stephenville
LLC,
Revenue,
2013
A,
Pre-Refunded,
6%,
4/01/45
..........
3,000,000
3,227,351
b
CityScape
Schools,
Inc.,
Revenue,
144A,
2019
A,
5%,
8/15/39
................
500,000
577,532
b
CityScape
Schools,
Inc.,
Revenue,
144A,
2019
A,
5%,
8/15/51
................
1,570,000
1,793,489
Longhorn
Village
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
1/01/42
......
5,000,000
5,367,585
Longhorn
Village
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
1/01/47
......
4,595,000
4,923,059
Morningside
Ministries
Obligated
Group,
Revenue,
2013,
6.5%,
1/01/43
.........
4,350,000
4,526,170
Morningside
Ministries
Obligated
Group,
Revenue,
2020
A,
5%,
1/01/55
.........
4,100,000
4,511,011
MRC
Crestview
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
11/15/36
...
1,020,000
1,169,530
MRC
Crestview
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
11/15/46
...
4,100,000
4,701,051
NCCD-College
Station
Properties
LLC,
Revenue,
A,
5%,
7/01/47
..............
30,000,000
25,800,000
Presbyterian
Village
North
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
10/01/39
.......................................................
2,750,000
2,989,586
Presbyterian
Village
North
Obligated
Group,
Revenue,
2018,
Refunding,
5.25%,
10/01/49
.......................................................
12,600,000
13,738,263
Presbyterian
Village
North
Obligated
Group,
Revenue,
2020
A,
5.25%,
10/01/55
...
2,500,000
2,767,582
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
Second
Tier,
2019
B,
5.5%,
12/01/54
................................................
15,000,000
14,977,275
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
Third
Tier,
2019
C,
6%,
12/01/54
...................................................
6,960,000
6,699,351
Wesleyan
Homes
Obligated
Group,
Revenue,
2014,
5.5%,
1/01/43
............
3,200,000
3,338,653
Wesleyan
Homes
Obligated
Group,
Revenue,
2014,
5.5%,
1/01/49
............
1,000,000
1,040,387
Wesleyan
Homes
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
1/01/50
.....
1,180,000
1,233,585
Wesleyan
Homes
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
1/01/55
.....
4,400,000
4,586,144
b
North
Parkway
Municipal
Management
District
No.
1
,
Special
Assessment,
144A,
2021,
3.625%,
9/15/26
.........................
1,000,000
1,043,778
Special
Assessment,
144A,
2021,
4.25%,
9/15/31
.........................
1,500,000
1,627,312
Special
Assessment,
144A,
2021,
4.75%,
9/15/41
.........................
5,000,000
5,500,813
Special
Assessment,
144A,
2021,
5%,
9/15/51
............................
6,500,000
7,171,277
City
of
Celina
Legacy
Hills
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.625%,
9/15/31
............................................
250,000
264,981
City
of
Celina
Legacy
Hills
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/41
................................................
1,000,000
1,067,591
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
107
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
b
North
Parkway
Municipal
Management
District
No.
1,
(continued)
City
of
Celina
Legacy
Hills
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.25%,
9/15/51
.............................................
$
1,160,000
$
1,242,445
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System,
Revenue,
First
Tier,
I,
Pre-Refunded,
6.5%,
1/01/43
..
25,000,000
29,594,240
Special
Projects
System,
Revenue,
2011
B,
Pre-Refunded,
Zero
Cpn.,
9/01/37
....
7,500,000
4,247,422
Special
Projects
System,
Revenue,
2011
C,
Pre-Refunded,
6.75%,
9/01/45
......
25,000,000
37,798,532
Special
Projects
System,
Revenue,
2011
C,
Pre-Refunded,
Zero
Cpn.,
9/01/43
....
10,000,000
14,037,110
b
Northwood
Municipal
Utility
District
No.
1
,
GO,
144A,
2020,
Refunding,
3.5%,
8/01/25
..............................
1,035,000
1,072,766
GO,
144A,
2020,
Refunding,
4%,
8/01/31
................................
1,070,000
1,158,156
Red
River
Education
Finance
Corp.
,
Houston
Baptist
University
,
Revenue
,
2017
,
Refunding
,
5.5
%
,
10/01/46
...........................................
4,250,000
4,955,746
Red
River
Health
Facilities
Development
Corp.
,
e
Eden
Home,
Inc.
Obligated
Group,
Revenue,
2012,
7.25%,
12/15/42
...........
11,000,000
6,875,000
Wichita
Falls
Retirement
Foundation
Obligated
Group,
Revenue,
2012,
Refunding,
5.5%,
1/01/32
...................................................
1,500,000
1,506,426
Wichita
Falls
Retirement
Foundation
Obligated
Group,
Revenue,
2012,
Refunding,
5.125%,
1/01/41
.................................................
2,000,000
2,007,965
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Cumberland
Rest,
Inc.
(The)
,
Revenue
,
A-1
,
Refunding
,
5
%
,
10/01/49
............................
5,125,000
5,572,517
Texas
Transportation
Commission
,
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/46
...........................
3,000,000
1,062,828
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/47
...........................
5,750,000
1,932,959
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/51
...........................
3,500,000
944,161
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/52
...........................
4,000,000
1,018,792
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/53
...........................
400,000
96,365
b
Town
of
Flower
Mound
,
River
Walk
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
Refunding,
2.625%,
9/01/26
........................................
820,000
821,082
River
Walk
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
Refunding,
3.25%,
9/01/31
.........................................
600,000
601,628
River
Walk
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
Refunding,
3.5%,
9/01/36
..........................................
800,000
802,599
River
Walk
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
Refunding,
4%,
9/01/43
............................................
1,500,000
1,534,006
Town
of
Ponder
,
Special
Assessment,
2017,
5%,
9/01/45
.................................
500,000
552,130
Special
Assessment,
2017,
5%,
9/01/47
.................................
865,000
954,752
Viridian
Municipal
Management
District
,
Viridian
Public
Improvement
District,
Special
Assessment,
2020,
2.875%,
12/01/30
.
258,000
262,348
Viridian
Public
Improvement
District,
Special
Assessment,
2020,
3.125%,
12/01/35
.
415,000
422,850
Viridian
Public
Improvement
District,
Special
Assessment,
2020,
3.375%,
12/01/40
.
486,000
494,836
Viridian
Public
Improvement
District,
Special
Assessment,
2020,
3.5%,
12/01/47
..
835,000
849,661
538,207,822
Utah
0.5%
Military
Installation
Development
Authority
,
Revenue,
2021
A-2,
4%,
6/01/36
......................................
2,250,000
2,288,170
Revenue,
2021
A-2,
4%,
6/01/41
......................................
7,215,000
7,258,654
Revenue,
2021
A-2,
4%,
6/01/52
......................................
24,745,000
24,295,334
b
Utah
Charter
School
Finance
Authority
,
Mountain
West
Montessori
Academy,
Inc.,
Revenue,
144A,
2020
A,
5%,
6/15/39
..
475,000
540,931
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
108
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Utah
(continued)
b
Utah
Charter
School
Finance
Authority,
(continued)
Mountain
West
Montessori
Academy,
Inc.,
Revenue,
144A,
2020
A,
5%,
6/15/49
..
$
825,000
$
925,138
35,308,227
Vermont
0.0%
†
Vermont
Economic
Development
Authority
,
Wake
Robin
Corp.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/01/45
.............................................
2,850,000
3,067,629
Virginia
1.4%
b
Farms
New
Kent
Community
Development
Authority
,
Special
Assessment
,
144A,
2021
A
,
Refunding
,
3.75
%
,
3/01/36
.........................................
8,000,000
8,669,448
Farmville
Industrial
Development
Authority
,
Longwood
Housing
Foundation
LLC,
Revenue,
2018
A,
Refunding,
5%,
1/01/43
...
500,000
584,179
Longwood
Housing
Foundation
LLC,
Revenue,
2018
A,
Refunding,
5%,
1/01/48
...
500,000
580,294
Longwood
Housing
Foundation
LLC,
Revenue,
2020
A,
Refunding,
5%,
1/01/40
...
2,000,000
2,420,015
Longwood
Housing
Foundation
LLC,
Revenue,
2020
A,
Refunding,
5%,
1/01/50
...
2,700,000
3,212,331
Longwood
Housing
Foundation
LLC,
Revenue,
2020
A,
Refunding,
5%,
1/01/59
...
2,000,000
2,363,616
Henrico
County
Economic
Development
Authority
,
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group,
Revenue,
2019
A,
5%,
6/01/44
........................................................
3,550,000
3,862,588
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group,
Revenue,
2019
A,
5%,
6/01/49
........................................................
4,065,000
4,412,993
James
City
County
Economic
Development
Authority
,
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
6/01/41
............................................
625,000
682,430
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
6/01/47
............................................
1,000,000
1,079,530
Norfolk
Economic
Development
Authority
,
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2012
B
,
Refunding
,
5
%
,
11/01/43
..............................
17,575,000
18,273,494
Virginia
Small
Business
Financing
Authority
,
95
Express
Lanes
LLC,
Revenue,
Senior
Lien,
2017,
5%,
1/01/40
.............
8,000,000
8,029,911
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2012,
6%,
1/01/37
...
6,485,000
6,694,190
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2012,
5.5%,
1/01/42
.
35,790,000
36,808,895
97,673,914
Washington
1.7%
c
Coalview
Centralia
LLC
,
15
%
,
12/31/21
...................................
1,492,000
1,492,000
Greater
Wenatchee
Regional
Events
Center
Public
Facilities
District
,
Revenue
,
A
,
Pre-
Refunded
,
5.5
%
,
9/01/42
............................................
10,000,000
10,398,468
Ocean
Shores
Local
Improvement
District
,
Special
Assessment
,
2011
,
7.25
%
,
2/01/31
2,130,000
2,556,395
Washington
Economic
Development
Finance
Authority
,
e
Coalview
Centralia
LLC,
Revenue,
2013,
8.25%,
8/01/25
....................
3,800,000
608,000
e
Coalview
Centralia
LLC,
Revenue,
2013,
9.5%,
8/01/25
.....................
12,855,000
2,056,800
f
Propeller
Airports
Paine
Field
LLC,
Revenue,
A,
Mandatory
Put,
6.5%,
3/01/24
....
24,500,000
25,266,580
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/44
15,500,000
19,053,914
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2012
A,
5%,
10/01/42
..
19,725,000
20,490,620
b
Washington
State
Housing
Finance
Commission
,
eliseo
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
1/01/41
........
5,000,000
5,208,746
eliseo
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
1/01/51
........
10,070,000
10,340,090
Presbyterian
Retirement
Communities
Northwest
Obligated
Group,
Revenue,
144A,
2019
A,
5%,
1/01/49
..............................................
1,500,000
1,681,914
Presbyterian
Retirement
Communities
Northwest
Obligated
Group,
Revenue,
144A,
2019
A,
5%,
1/01/55
..............................................
1,800,000
2,008,333
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
109
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
(continued)
b
Washington
State
Housing
Finance
Commission,
(continued)
Presbyterian
Retirement
Communities
Northwest
Obligated
Group,
Revenue,
144A,
A,
Refunding,
5%,
1/01/46
.........................................
$
2,250,000
$
2,439,870
Presbyterian
Retirement
Communities
Northwest
Obligated
Group,
Revenue,
144A,
A,
Refunding,
5%,
1/01/51
.........................................
1,700,000
1,840,820
Spokane
United
Methodist
Homes
Obligated
Group,
Revenue,
144A,
2019,
5%,
1/01/55
........................................................
9,020,000
9,618,274
Spokane
United
Methodist
Homes
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
1/01/51
........................................................
6,000,000
6,407,407
121,468,231
West
Virginia
0.2%
County
of
Kanawha
,
West
Virginia
State
University
Foundation,
Inc.
,
Revenue
,
2013
,
Pre-Refunded
,
6.75
%
,
7/01/45
........................................
6,650,000
7,308,664
b
Monongalia
County
Commission
Excise
Tax
District
,
Revenue,
144A,
2021
A,
Refunding,
4.125%,
6/01/43
.......................
2,250,000
2,516,998
Revenue,
144A,
2021
B,
4.875%,
6/01/43
...............................
1,635,000
1,773,759
11,599,421
Wisconsin
2.2%
Public
Finance
Authority
,
2017
IAVF
Rubix
LLC,
Revenue,
2020
A,
4%,
12/01/40
.....................
1,070,000
1,097,853
2017
IAVF
Rubix
LLC,
Revenue,
2020
A,
4.25%,
12/01/50
...................
7,225,000
7,405,522
A&T
Real
Estate
Foundation
LLC,
Revenue,
2019
B,
5%,
6/01/39
.............
1,595,000
1,914,316
A&T
Real
Estate
Foundation
LLC,
Revenue,
2019
B,
5%,
6/01/44
.............
1,900,000
2,255,740
A&T
Real
Estate
Foundation
LLC,
Revenue,
2019
B,
5%,
6/01/49
.............
5,225,000
6,167,763
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
11/15/41
.......................................................
1,205,000
1,462,668
b
Affordable
Housing
Preservation
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
.................................................
17,900,000
17,900,000
Celanese
US
Holdings
LLC,
Revenue,
2016
C,
Refunding,
4.3%,
11/01/30
.......
4,000,000
4,458,440
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2017
A,
5%,
7/01/45
..........
2,805,000
3,183,917
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2017
A,
5%,
7/01/53
..........
4,345,000
4,909,142
b
Eno
River
Academy
Holdings,
Inc.,
Revenue,
144A,
2020
A,
5%,
6/15/40
........
815,000
938,929
b
Eno
River
Academy
Holdings,
Inc.,
Revenue,
144A,
2020
A,
5%,
6/15/54
........
1,380,000
1,563,145
b
Estancia
Valley
Classical
Academy,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/01/41
1,000,000
998,626
b
Estancia
Valley
Classical
Academy,
Revenue,
144A,
2021
A,
Refunding,
4.25%,
7/01/51
........................................................
4,000,000
4,028,089
b
Friends
Homes
Obligated
Group,
Revenue,
144A,
2019,
Refunding,
5%,
9/01/39
..
1,230,000
1,411,606
b
Friends
Homes
Obligated
Group,
Revenue,
144A,
2019,
Refunding,
5%,
9/01/49
..
7,600,000
8,640,493
b
Friends
Homes
Obligated
Group,
Revenue,
144A,
2019,
Refunding,
5%,
9/01/54
..
1,920,000
2,173,563
b
High
Desert
Montessori
Charter
School,
Revenue,
144A,
2021
A,
5%,
6/01/36
....
300,000
335,530
b
High
Desert
Montessori
Charter
School,
Revenue,
144A,
2021
A,
5%,
6/01/51
....
1,000,000
1,092,648
b
High
Desert
Montessori
Charter
School,
Revenue,
144A,
2021
A,
5%,
6/01/61
....
1,275,000
1,384,395
b
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
3/01/37
............................................
625,000
715,219
b
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
3/01/52
............................................
4,100,000
4,514,690
b
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group,
Revenue,
144A,
2020
A,
5.25%,
3/01/45
..................................................
1,665,000
1,919,744
b
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group,
Revenue,
144A,
2020
A,
5.25%,
3/01/55
..................................................
6,810,000
7,798,657
b
Signature
Preparatory,
Revenue,
144A,
2021
A,
5%,
6/15/31
.................
600,000
673,941
b
Signature
Preparatory,
Revenue,
144A,
2021
A,
5%,
6/15/51
.................
2,250,000
2,442,347
b
Signature
Preparatory,
Revenue,
144A,
2021
A,
5%,
6/15/56
.................
2,465,000
2,667,300
b
UHF
RISE
Student
Housing
LLC,
Revenue,
144A,
2021
A-2,
5.35%,
7/01/40
.....
3,000,000
3,026,635
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
110
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
b
UHF
RISE
Student
Housing
LLC,
Revenue,
144A,
2021
B,
5.25%,
7/01/61
.......
$
2,000,000
$
2,065,286
b
UMA
Education,
Inc.,
Revenue,
144A,
2019
A,
Refunding,
5%,
10/01/34
.........
8,970,000
10,846,222
b
UMA
Education,
Inc.,
Revenue,
144A,
2019
A,
Refunding,
5%,
10/01/39
.........
8,500,000
10,162,636
b
WFCS
Holdings
II
LLC,
Revenue,
144A,
2021
A-1,
5%,
1/01/56
...............
1,865,000
2,080,962
b,f
WV
2020
Holdings
LLC
Obligated
Group,
Revenue,
144A,
2020
A-1,
Mandatory
Put,
3.5%,
12/01/35
..................................................
2,000,000
2,034,241
b,f
WV
2020
Holdings
LLC
Obligated
Group,
Revenue,
144A,
2020
A-2,
Mandatory
Put,
4%,
12/01/35
...................................................
18,000,000
18,301,624
Wisconsin
Health
&
Educational
Facilities
Authority
,
Chiara
Communities,
Inc.,
Revenue,
2018
C,
7%,
7/01/43
...................
1,000,000
1,000,031
Chiara
Communities,
Inc.,
Revenue,
2018
C,
7.5%,
7/01/53
..................
2,750,000
2,750,085
HOPE
Christian
Schools
Obligated
Group,
Revenue,
2021,
3%,
12/01/31
........
500,000
508,140
HOPE
Christian
Schools
Obligated
Group,
Revenue,
2021,
4%,
12/01/41
........
850,000
897,258
HOPE
Christian
Schools
Obligated
Group,
Revenue,
2021,
4%,
12/01/51
........
1,000,000
1,043,724
HOPE
Christian
Schools
Obligated
Group,
Revenue,
2021,
4%,
12/01/56
........
1,000,000
1,038,943
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2015
B,
Refunding,
5%,
9/15/45
........................................................
3,500,000
3,627,305
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2018
A,
Pre-Refunded,
5%,
9/15/45
........................................................
3,500,000
3,789,523
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2018
A,
Pre-Refunded,
5%,
9/15/50
........................................................
500,000
541,360
157,768,258
U.S.
Territories
10.3%
District
of
Columbia
1.7%
District
of
Columbia
,
American
Society
of
Hematology,
Inc.
(The),
Revenue,
2009,
Pre-Refunded,
5%,
7/01/36
........................................................
1,500,000
1,541,961
Tobacco
Settlement
Financing
Corp.,
Revenue,
2001,
6.5%,
5/15/33
...........
6,770,000
7,443,801
Tobacco
Settlement
Financing
Corp.,
Revenue,
2002,
Zero
Cpn.,
6/15/46
........
175,000,000
38,663,362
Metropolitan
Washington
Airports
Authority
,
Dulles
Toll
Road
,
Revenue,
Second
Lien
,
2009
C
,
AGMC
Insured
,
6.5
%
,
10/01/41
.................................
60,145,000
76,395,283
124,044,407
Guam
0.2%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue,
2013
B,
Pre-Refunded,
AGMC
Insured,
5.5%,
10/01/33
.............
2,000,000
2,188,311
Revenue,
2013
B,
Pre-Refunded,
AGMC
Insured,
5.75%,
10/01/43
.............
3,000,000
3,296,142
Territory
of
Guam
,
Revenue,
2021
F,
Refunding,
4%,
1/01/36
...............................
3,750,000
4,338,806
Revenue,
2021
F,
Refunding,
4%,
1/01/42
...............................
4,125,000
4,667,309
14,490,568
Pacific
Islands
0.1%
Northern
Mariana
Island
Ports
Authority
,
Revenue
,
1998
A
,
6.6
%
,
3/15/28
.........
9,025,000
9,003,521
Puerto
Rico
8.3%
Children's
Trust
Fund
,
Revenue,
5.5%,
5/15/39
.............................................
9,500,000
9,754,250
Revenue,
2002,
5.625%,
5/15/43
......................................
2,500,000
2,514,679
e
Commonwealth
of
Puerto
Rico
,
GO
,
A-PSA
,
Refunding
,
8
%
,
7/01/35
.............
42,205,000
37,034,888
GDB
Debt
Recovery
Authority
of
Puerto
Rico
,
7.5
%
,
8/20/40
...................
45,221,326
42,621,100
b
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
,
Revenue,
Senior
Lien,
144A,
2020
A,
Refunding,
5%,
7/01/30
................
22,000,000
27,501,925
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
111
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
b
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority,
(continued)
Revenue,
Senior
Lien,
144A,
2020
A,
Refunding,
5%,
7/01/35
................
$
20,000,000
$
24,477,198
Revenue,
Senior
Lien,
144A,
2020
A,
Refunding,
5%,
7/01/47
................
30,000,000
35,707,863
e
Puerto
Rico
Electric
Power
Authority
,
Revenue,
2013
A
RSA-1,
6.75%,
7/01/36
................................
29,750,000
29,973,125
Revenue,
2013
A
RSA-1,
7%,
7/01/43
..................................
5,000,000
5,037,500
Revenue,
2013
A
RSA-1,
7.25%,
7/01/30
................................
25,000,000
25,250,000
Revenue,
A-4-RSA-1
2016
A-4,
10%,
7/01/19
.............................
5,500,000
5,596,250
Revenue,
B-2-RSA-1
2016
B-4,
10%,
7/01/19
............................
5,500,000
5,596,250
Revenue,
E-1-RSA-1,
10%,
1/01/21
....................................
6,000,000
6,105,000
Revenue,
E-2-RSA-1,
10%,
7/01/21
....................................
6,000,000
6,105,000
Revenue,
E-3-RSA-1,
10%,
1/01/22
....................................
1,989,500
2,071,567
Revenue,
E-4-RSA-1,
10%,
7/01/22
....................................
1,989,499
2,071,566
Revenue,
XX-RSA-1,
5.25%,
7/01/40
...................................
10,895,000
10,758,812
Revenue,
XX-RSA-1,
5.75%,
7/01/36
...................................
23,620,000
23,472,375
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
700,000
755,631
Revenue,
L,
Refunding,
AMBAC
Insured,
5.25%,
7/01/38
....................
9,080,000
9,322,153
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
7,125,000
7,769,106
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
AES
Puerto
Rico
LP
,
Revenue
,
2000
A
,
6.625
%
,
6/01/26
.....
16,835,000
17,424,225
Puerto
Rico
Infrastructure
Financing
Authority
,
Special
Tax
,
2005
C
,
Refunding
,
AMBAC
Insured
,
5.5
%
,
7/01/27
..............................................
27,500,000
28,658,143
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
4.55%,
7/01/40
................................
393,000
446,424
Sales
Tax,
Revenue,
A-1,
4.75%,
7/01/53
................................
33,780,000
38,283,519
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
23,600,000
27,094,152
Sales
Tax,
Revenue,
A-1,
Zero
Cpn.,
7/01/46
.............................
141,421,000
47,291,663
Sales
Tax,
Revenue,
A-1,
Zero
Cpn.,
7/01/51
.............................
82,259,000
19,910,191
Sales
Tax,
Revenue,
A-2,
4.329%,
7/01/40
...............................
40,819,000
45,819,638
Sales
Tax,
Revenue,
A-2,
4.784%,
7/01/58
...............................
44,364,000
50,369,448
594,793,641
Total
U.S.
Territories
....................................................................
742,332,137
Total
Municipal
Bonds
(Cost
$6,201,178,268)
...................................
7,040,852,941
Total
Long
Term
Investments
(Cost
$6,252,137,006)
.............................
7,093,007,991
a
a
a
a
a
Short
Term
Investments
1.0%
Municipal
Bonds
1.0%
Georgia
0.1%
g
Athens-Clarke
County
Unified
Government
Development
Authority
,
University
of
Georgia
Athletic
Association,
Inc.
,
Revenue
,
2005
B
,
LOC
Wells
Fargo
Bank
NA
,
Daily
VRDN
and
Put
,
0.02
%
,
7/01/35
...................................
1,300,000
1,300,000
g
Development
Authority
of
Monroe
County
(The)
,
Florida
Power
&
Light
Co.
,
Revenue
,
2002
,
Refunding
,
Daily
VRDN
and
Put
,
0.05
%
,
9/01/37
.....................
8,000,000
8,000,000
9,300,000
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
112
See
Abbreviations
on
page
200
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
New
York
0.9%
g
New
York
City
,
Water
&
Sewer
System
,
Revenue
,
2014
AA-3
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.03
%
,
6/15/49
.......................................
$
62,645,000
$
62,645,000
g
New
York
State
Housing
Finance
Agency
,
160
Madison
Ave
LLC
,
Revenue
,
2013
A
,
LOC
Landesbank
Hessen-Thueringen
Girozentrale
,
Daily
VRDN
and
Put
,
0.04
%
,
11/01/46
........................................................
1,600,000
1,600,000
64,245,000
Total
Municipal
Bonds
(Cost
$73,545,000)
......................................
73,545,000
Total
Short
Term
Investments
(Cost
$73,545,000
)
................................
73,545,000
a
Total
Investments
(Cost
$6,325,682,006)
100.1%
................................
$7,166,552,991
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(7,257,449)
Net
Assets
100.0%
...........................................................
$7,159,295,542
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
aggregate
value
of
these
securities
was
$1,452,473,976,
representing
20.3%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
d
Security
purchased
on
a
when-issued
basis.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
f
The
maturity
date
shown
represents
the
mandatory
put
date.
g
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
Louisiana
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
113
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.4%
Louisiana
94.7%
Ascension
Parish
School
Board
,
GO
,
2020
,
4
%
,
3/01/40
......................
$
1,000,000
$
1,195,219
Caddo
Parish
Parishwide
School
District
,
GO
,
2021
,
AGMC
Insured
,
3
%
,
3/01/36
...
505,000
559,935
Calcasieu
Parish
Public
Trust
Authority
,
Cowboy
Facilities,
Inc.
,
Revenue
,
2011
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/29
.................................
2,050,000
2,088,138
Calcasieu
Parish
School
District
No.
23
,
GO,
2019,
BAM
Insured,
4%,
9/01/36
...................................
670,000
787,126
GO,
2019,
BAM
Insured,
4%,
9/01/37
...................................
600,000
701,061
GO,
2019,
BAM
Insured,
4%,
9/01/39
...................................
2,060,000
2,382,454
Calcasieu
Parish
School
District
No.
31
,
GO,
2018,
BAM
Insured,
5%,
3/01/36
...................................
1,000,000
1,216,460
GO,
2018,
BAM
Insured,
5%,
3/01/38
...................................
1,000,000
1,212,812
GO,
2019,
BAM
Insured,
4%,
3/01/37
...................................
1,000,000
1,177,622
GO,
2019,
BAM
Insured,
4%,
3/01/39
...................................
750,000
880,885
Central
Community
School
System
,
GO,
2020,
4%,
3/01/39
.............................................
1,125,000
1,342,017
GO,
2020,
4%,
3/01/40
.............................................
1,190,000
1,417,221
City
of
Bossier
City
,
Sales
&
Use
Tax,
Revenue,
2017,
5%,
12/01/36
...........................
1,405,000
1,691,802
Utilities,
Revenue,
2014,
Pre-Refunded,
5%,
10/01/37
......................
5,280,000
5,971,838
City
of
Lafayette
,
Sales
&
Use
Tax,
Revenue,
2019
A,
5%,
5/01/44
..........................
4,350,000
5,454,224
Sales
&
Use
Tax,
Revenue,
2020
B,
4%,
3/01/45
..........................
5,000,000
5,869,234
City
of
New
Orleans
,
Sewerage
Service,
Revenue,
2020
B,
5%,
6/01/45
.........................
1,700,000
2,114,915
Sewerage
Service,
Revenue,
2020
B,
4%,
6/01/50
.........................
1,300,000
1,489,130
City
of
Ruston
,
Revenue
,
2016
,
AGMC
Insured
,
5
%
,
6/01/35
...................
1,085,000
1,274,685
City
of
Shreveport
,
Revenue,
2016,
Refunding,
BAM
Insured,
5%,
3/01/27
......................
1,500,000
1,803,808
Water
&
Sewer,
Revenue,
2016
B,
5%,
12/01/41
..........................
4,000,000
4,746,290
Water
&
Sewer,
Revenue,
2020
B,
Refunding,
3%,
12/01/50
..................
5,070,000
5,390,925
Consolidated
Government
of
the
City
of
Baton
Rouge
&
Parish
of
East
Baton
Rouge
,
Sales
Tax
,
Revenue
,
2020
,
Refunding
,
AGMC
Insured
,
5
%
,
8/01/30
............
2,000,000
2,594,885
East
Baton
Rouge
Sewerage
Commission
,
Revenue,
2014
B,
Pre-Refunded,
5%,
2/01/33
............................
1,000,000
1,144,841
Revenue,
2014
B,
Pre-Refunded,
5%,
2/01/39
............................
5,000,000
5,724,207
Revenue,
2019
A,
Refunding,
4%,
2/01/45
...............................
5,000,000
5,820,550
Revenue,
2020
A,
Refunding,
5%,
2/01/31
...............................
750,000
972,349
Greater
New
Orleans
Expressway
Commission
,
Revenue
,
2017
,
AGMC
Insured
,
5
%
,
11/01/47
........................................................
4,000,000
4,595,715
Jefferson
Sales
Tax
District
,
Revenue,
2017
B,
AGMC
Insured,
5%,
12/01/42
...........................
2,250,000
2,763,604
Revenue,
2019
B,
AGMC
Insured,
4%,
12/01/42
...........................
5,000,000
5,946,482
Lafayette
Consolidated
Government
,
GO,
2020,
Refunding,
3%,
3/01/34
.....................................
250,000
278,082
GO,
2020,
Refunding,
3%,
3/01/35
.....................................
200,000
221,812
Revenue,
2015,
Refunding,
AGMC
Insured,
5%,
11/01/28
...................
1,345,000
1,564,540
Revenue,
2015,
Refunding,
AGMC
Insured,
5%,
11/01/31
...................
2,400,000
2,793,400
Lafayette
Parish
School
Board
,
Revenue
,
2018
,
Pre-Refunded
,
5
%
,
4/01/48
.......
6,000,000
7,365,271
Livingston
Parish
School
Board
,
Revenue,
2021
A,
Refunding,
4%,
5/01/30
...............................
500,000
611,758
Revenue,
2021
A,
Refunding,
4%,
5/01/31
...............................
1,300,000
1,612,531
Revenue,
2021
A,
Refunding,
4%,
5/01/32
...............................
1,500,000
1,853,599
Louisiana
Correctional
Facilities
Corp.
,
State
of
Louisiana
Office
of
Juvenile
Justice,
Revenue,
2021,
4%,
10/01/37
......
875,000
1,044,689
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
114
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
Correctional
Facilities
Corp.,
(continued)
State
of
Louisiana
Office
of
Juvenile
Justice,
Revenue,
2021,
4%,
10/01/40
......
$
1,305,000
$
1,551,670
Louisiana
Housing
Corp.
,
Revenue,
2021
B,
GNMA
Insured,
2.05%,
6/01/36
.........................
625,000
636,953
Revenue,
2021
B,
GNMA
Insured,
2.2%,
6/01/41
..........................
1,995,000
2,035,084
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
a
City
of
New
Orleans,
Revenue,
144A,
2021,
4%,
11/01/46
...................
2,000,000
2,181,531
Cowboy
Facilities,
Inc.,
Revenue,
2011,
AGMC
Insured,
5%,
3/01/36
...........
1,800,000
1,820,281
East
Ascension
Parish
Gravity
Drainage
District
No.
1,
Revenue,
2015,
Refunding,
BAM
Insured,
5%,
12/01/40
........................................
2,925,000
3,403,967
Entergy
Louisiana
LLC,
Revenue,
2021
A,
Refunding,
2%,
6/01/30
.............
1,500,000
1,518,358
Entergy
Louisiana
LLC,
Revenue,
2021
B,
Refunding,
2.5%,
4/01/36
...........
3,000,000
3,065,369
Innovative
Student
Facilities,
Inc.,
Revenue,
2016
A,
AGMC
Insured,
4%,
10/01/33
.
800,000
894,348
Innovative
Student
Facilities,
Inc.,
Revenue,
2016
A,
AGMC
Insured,
4%,
10/01/34
.
620,000
693,490
a
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.,
Revenue,
144A,
2020
A,
Refunding,
4.25%,
12/01/50
........................................
8,000,000
8,199,886
Louisiana
Community
&
Technical
College
System,
Revenue,
2014,
Pre-Refunded,
5%,
10/01/32
...................................................
3,000,000
3,388,544
Louisiana
Community
&
Technical
College
System,
Revenue,
2014,
Pre-Refunded,
5%,
10/01/33
...................................................
5,000,000
5,647,573
a
Parish
of
Assumption,
Revenue,
144A,
2021,
3.875%,
11/01/45
...............
1,000,000
1,021,552
a
Parish
of
St.
Bernard,
Revenue,
144A,
2021,
4%,
11/01/45
...................
1,225,000
1,239,644
a
Parish
of
St.
Tammany
LA
GOMESA,
Revenue,
144A,
2020,
3.875%,
11/01/45
....
1,900,000
1,997,825
a
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
10/01/43
...
250,000
254,783
a
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
4.25%,
10/01/48
221,200
225,383
a
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
4.5%,
10/01/53
.
309,471
315,255
a
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
5%,
10/01/61
...
249,529
254,085
Ragin
Cajun
Facilities,
Inc.,
Revenue,
2017,
Refunding,
AGMC
Insured,
5%,
10/01/39
.......................................................
2,680,000
3,264,624
University
of
Louisiana
at
Lafayette,
Revenue,
2018,
AGMC
Insured,
5%,
10/01/48
3,500,000
4,193,723
University
of
Louisiana
System,
Revenue,
2019,
Refunding,
AGMC
Insured,
4%,
8/01/34
........................................................
1,000,000
1,168,070
University
of
Louisiana
System
Board
of
Supervisors,
Revenue,
2021,
Refunding,
AGMC
Insured,
4%,
10/01/39
.......................................
1,060,000
1,242,608
University
of
Louisiana
System
Board
of
Supervisors,
Revenue,
2021,
Refunding,
AGMC
Insured,
4%,
10/01/41
.......................................
500,000
581,109
University
of
Louisiana
System
Board
of
Supervisors,
Revenue,
2021,
Refunding,
AGMC
Insured,
4%,
10/01/43
.......................................
500,000
577,657
Woman's
Hospital
Foundation,
Revenue,
2017
A,
Refunding,
5%,
10/01/44
......
5,000,000
5,977,956
Louisiana
Public
Facilities
Authority
,
CHRISTUS
Health
Obligated
Group,
Revenue,
2018
E,
5%,
7/01/48
...........
5,000,000
6,058,039
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group,
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/35
..................................
35,000
40,593
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group,
Revenue,
2015
A,
5%,
7/01/35
..............................................
4,965,000
5,657,706
Louisiana
Children's
Medical
Center
Obligated
Group,
Revenue,
2015
A-1,
5%,
6/01/45
........................................................
10,000,000
12,008,957
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary,
Revenue,
2016
A,
5%,
7/01/46
..............................................
6,500,000
7,340,236
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary,
Revenue,
2017,
5%,
7/01/52
................................................
2,310,000
2,662,307
Loyola
University
New
Orleans,
Revenue,
2021,
Refunding,
4%,
10/01/37
.......
2,020,000
2,354,838
Loyola
University
New
Orleans,
Revenue,
2021,
Refunding,
4%,
10/01/39
.......
1,630,000
1,893,706
Loyola
University
New
Orleans,
Revenue,
2021,
Refunding,
4%,
10/01/41
.......
2,200,000
2,544,581
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2002
B,
ETM,
5.75%,
5/15/23
2,500,000
2,694,799
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
115
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
Public
Facilities
Authority,
(continued)
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/34
........................................................
$
30,000
$
35,514
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/47
........................................................
20,000
23,676
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/46
10,000,000
11,839,374
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
5/15/49
........................................................
5,000,000
5,767,036
a
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.5%,
1/01/50
.
2,000,000
2,293,000
Roman
Catholic
Church
of
the
Archdiocese
of
New
Orleans,
Revenue,
2017,
Refunding,
5%,
7/01/37
............................................
3,750,000
3,600,000
Tulane
University,
Revenue,
2013
B,
5%,
10/01/37
.........................
5,540,000
5,838,723
Tulane
University,
Revenue,
2016
A,
Refunding,
5%,
12/15/41
................
3,000,000
3,549,409
Tulane
University,
Revenue,
2017
A,
Refunding,
4%,
12/15/50
................
2,000,000
2,255,477
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/45
.................
1,000,000
1,251,872
Louisiana
Stadium
&
Exposition
District
,
Revenue
,
2020
,
5
%
,
7/03/23
............
1,150,000
1,205,639
Louisiana
State
Transportation
Authority
,
Revenue
,
2013
A
,
Pre-Refunded
,
5
%
,
8/15/38
4,500,000
4,860,728
Louisiana
State
University
&
Agricultural
&
Mechanical
College
,
Revenue,
2014,
Refunding,
5%,
7/01/29
.................................
1,000,000
1,098,354
Revenue,
2014,
Refunding,
5%,
7/01/30
.................................
1,040,000
1,142,862
Revenue,
2014,
Refunding,
5%,
7/01/34
.................................
1,000,000
1,102,918
Revenue,
2016
A,
Refunding,
5%,
7/01/40
...............................
4,500,000
5,253,993
Natchitoches
Parish
School
District
No.
9
,
GO
,
2018
,
AGMC
Insured
,
5
%
,
3/01/38
...
1,440,000
1,771,860
New
Orleans
Aviation
Board
,
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2017
A
,
5
%
,
1/01/48
........................................
10,000,000
11,860,382
Parish
of
East
Baton
Rouge
Capital
Improvements
District
,
Revenue,
2019,
5%,
8/01/31
.........................................
1,000,000
1,287,411
Revenue,
2019,
4%,
8/01/44
.........................................
2,055,000
2,394,008
Revenue,
2019,
5%,
8/01/48
.........................................
2,500,000
3,087,791
Port
New
Orleans
Board
of
Commissioners
,
Revenue,
2018
A,
AGMC
Insured,
5%,
4/01/48
............................
2,750,000
3,261,032
Revenue,
2018
B,
Refunding,
AGMC
Insured,
5%,
4/01/43
...................
2,000,000
2,360,724
Revenue,
2020
D,
5%,
4/01/50
........................................
4,000,000
4,937,248
St.
Charles
Parish
School
Board
,
Revenue
,
2019
,
4
%
,
8/01/38
.................
805,000
972,379
St.
Tammany
Parish
Hospital
Service
District
No.
1
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/48
.........................................................
5,500,000
6,654,744
State
of
Louisiana
,
GO,
2014
C,
Refunding,
5%,
8/01/27
...................................
7,200,000
8,063,913
GO,
2016
A,
5%,
9/01/36
............................................
5,000,000
5,967,939
GO,
2019
A,
5%,
3/01/37
............................................
3,000,000
3,767,023
GO,
2021
A,
5%,
3/01/40
............................................
5,000,000
6,562,701
Revenue,
2013,
Pre-Refunded,
5%,
9/01/33
..............................
5,860,000
6,346,910
Revenue,
2013
A,
Pre-Refunded,
5%,
6/15/30
............................
2,860,000
3,069,283
Revenue,
2014
A,
Pre-Refunded,
5%,
6/15/32
............................
4,850,000
5,423,351
Revenue,
2019
A,
5%,
9/01/30
........................................
2,000,000
2,505,253
Revenue,
2019
A,
5%,
9/01/31
........................................
4,750,000
5,931,960
Revenue,
2021,
5%,
9/01/33
.........................................
1,200,000
1,572,882
Gasoline
&
Fuels
Tax,
Revenue,
First
Lien,
2015
A,
Refunding,
5%,
5/01/41
......
3,000,000
3,413,924
Gasoline
&
Fuels
Tax,
Revenue,
Second
Lien,
2017
C,
Refunding,
5%,
5/01/40
...
5,000,000
6,108,079
Gasoline
&
Fuels
Tax,
Revenue,
Second
Lien,
2017
C,
Refunding,
5%,
5/01/45
...
10,000,000
12,157,390
Tangipahoa
Parish
Hospital
Service
District
No.
1
,
Revenue,
2021,
Refunding,
4%,
2/01/37
.................................
2,000,000
2,358,558
Revenue,
2021,
Refunding,
4%,
2/01/38
.................................
2,000,000
2,354,080
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
116
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Terrebonne
Levee
&
Conservation
District
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
6/01/41
$
1,000,000
$
1,140,667
Terrebonne
Parish
Consolidated
Government
,
Revenue,
2020
A,
4%,
3/01/35
........................................
1,015,000
1,208,608
Revenue,
2020
A,
4%,
3/01/41
........................................
2,660,000
3,129,399
West
Feliciana
Parish
Parishwide
Consolidated
School
District
No.
1
,
GO
,
2020
,
4
%
,
3/01/50
.........................................................
3,000,000
3,390,683
372,461,963
Wisconsin
0.6%
a
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
.................................
2,500,000
2,500,000
U.S.
Territories
2.1%
Puerto
Rico
2.1%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
500,000
542,234
b
Revenue,
WW-RSA-1,
5.25%,
7/01/33
..................................
855,000
844,312
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue
,
L
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/35
.............................................
6,230,000
6,769,307
8,155,853
Total
U.S.
Territories
....................................................................
8,155,853
Total
Municipal
Bonds
(Cost
$358,861,779)
.....................................
383,117,816
a
a
a
a
a
Total
Investments
(Cost
$358,861,779)
97.4%
...................................
$383,117,816
Other
Assets,
less
Liabilities
2.6%
.............................................
10,426,932
Net
Assets
100.0%
...........................................................
$393,544,748
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
aggregate
value
of
these
securities
was
$20,482,944,
representing
5.2%
of
net
assets.
b
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
Maryland
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
117
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.7%
Maryland
92.5%
City
of
Baltimore
,
Revenue,
2020
A,
4%,
7/01/45
........................................
$
4,500,000
$
5,335,351
Revenue,
2020
A,
5%,
7/01/50
........................................
9,115,000
11,565,321
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/46
.....................
5,000,000
6,022,270
a
County
of
Anne
Arundel
,
Glenview
Housing
LP
,
Revenue
,
2009
,
Mandatory
Put
,
5
%
,
1/01/27
.........................................................
1,860,000
1,865,599
County
of
Baltimore
,
GO,
5%,
2/01/39
..................................................
2,900,000
3,410,323
GO,
5%,
2/01/41
..................................................
2,900,000
3,411,137
County
of
Harford
,
Tax
Allocation,
2021,
Refunding,
4%,
7/01/31
.............................
150,000
179,976
Tax
Allocation,
2021,
Refunding,
4%,
7/01/36
.............................
750,000
889,660
Tax
Allocation,
2021,
Refunding,
4%,
7/01/40
.............................
675,000
794,516
County
of
Montgomery
,
COP,
2020
A,
5%,
10/01/29
..........................................
2,950,000
3,841,818
GO,
2016
A,
4%,
12/01/33
...........................................
7,000,000
7,739,918
Water
Quality
Protection
Charge,
Revenue,
2012
A,
5%,
4/01/30
..............
1,855,000
1,862,277
Water
Quality
Protection
Charge,
Revenue,
2012
A,
5%,
4/01/31
..............
1,240,000
1,244,906
County
of
Prince
George's
,
GO,
2018
A,
4%,
7/15/35
............................................
11,405,000
13,578,544
GO,
2020
A,
5%,
7/15/40
............................................
900,000
1,121,733
Howard
County
Housing
Commission
,
Revenue,
2013,
5%,
10/01/28
........................................
10,000,000
10,653,708
Revenue,
2016,
4%,
6/01/46
.........................................
2,000,000
2,162,571
Revenue,
2017,
5%,
12/01/46
........................................
5,000,000
5,756,313
Maryland
Community
Development
Administration
,
Housing,
Revenue,
2019
D,
3%,
7/01/39
................................
1,500,000
1,594,795
Housing,
Revenue,
2019
D,
3.2%,
7/01/44
...............................
1,000,000
1,066,918
Maryland
Community
Development
Administration
Local
Government
Infrastructure
,
Revenue,
2014
A-2,
Pre-Refunded,
5%,
6/01/34
...........................
455,000
486,388
Revenue,
2017
A-1,
4%,
6/01/47
......................................
2,300,000
2,571,322
Revenue,
2018
A-1,
5%,
6/01/48
......................................
1,310,000
1,608,948
Revenue,
A-2,
5%,
6/01/34
...........................................
1,245,000
1,328,168
Revenue,
A-2,
Pre-Refunded,
5%,
6/01/34
...............................
1,800,000
1,925,575
Revenue,
Senior
Lien,
2019
B-1,
4%,
6/01/49
.............................
3,000,000
3,452,585
Maryland
Economic
Development
Corp.
,
Frostburg
State
University
Project,
Revenue,
Senior
Lien,
2013,
Refunding,
5%,
10/01/33
.......................................................
5,000,000
5,286,042
Morgan
State
University,
Revenue,
2020,
4%,
7/01/40
......................
1,000,000
1,136,742
Morgan
State
University,
Revenue,
2020,
5%,
7/01/50
......................
1,250,000
1,508,184
Morgan
View
Student
Housing,
Revenue,
Senior
Lien,
2012,
Refunding,
5%,
7/01/27
4,750,000
4,872,611
Morgan
View
Student
Housing,
Revenue,
Senior
Lien,
2012,
Refunding,
5%,
7/01/34
2,150,000
2,198,372
University
of
Maryland
College
Park,
Revenue,
2016,
Refunding,
AGMC
Insured,
5%,
6/01/35
........................................................
4,225,000
4,909,040
University
of
Maryland
College
Park,
Revenue,
2016,
Refunding,
AGMC
Insured,
5%,
6/01/43
........................................................
3,305,000
3,839,616
University
Park
Phase
I
&
II
at
Salisbury
University,
Revenue,
2013,
Refunding,
5%,
6/01/34
........................................................
2,040,000
2,130,445
University
Village
at
Sheppard
Pratt,
Revenue,
2012,
Refunding,
5%,
7/01/27
.....
1,500,000
1,532,342
University
Village
at
Sheppard
Pratt,
Revenue,
2012,
Refunding,
5%,
7/01/33
.....
2,495,000
2,541,338
West
Village
&
Millennium
Hall
Student
Housing
at
Towson
University,
Revenue,
Senior
Lien,
2012,
5%,
7/01/27
......................................
1,145,000
1,170,761
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Adventist
Healthcare
Obligated
Group,
Revenue,
2016
A,
5.5%,
1/01/46
.........
9,750,000
11,764,035
Adventist
Healthcare
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
1/01/38
...
865,000
1,008,234
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
118
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Maryland
Health
&
Higher
Educational
Facilities
Authority,
(continued)
Adventist
Healthcare
Obligated
Group,
Revenue,
2021
B,
4%,
1/01/51
..........
$
2,000,000
$
2,295,991
Charlestown
Community,
Inc.,
Revenue,
2016
A,
Refunding,
5%,
1/01/45
........
4,170,000
4,799,952
Frederick
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
7/01/50
..
1,715,000
1,981,267
Goucher
College,
Revenue,
2012
A,
5%,
7/01/34
..........................
1,500,000
1,538,072
Goucher
College,
Revenue,
2017
A,
Refunding,
5%,
7/01/44
.................
7,470,000
8,679,677
Johns
Hopkins
Health
System
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
5/15/37
........................................................
10,000,000
11,392,324
Johns
Hopkins
Medical
Institutional
Parking
System,
Revenue,
2001,
AMBAC
Insured,
5%,
7/01/27
..............................................
655,000
661,354
Johns
Hopkins
Medical
Institutional
Parking
System,
Revenue,
2004,
AMBAC
Insured,
5%,
7/01/34
..............................................
5,000,000
5,048,502
Johns
Hopkins
Medical
Institutional
Parking
System,
Revenue,
2004
B,
AMBAC
Insured,
5%,
7/01/38
..............................................
6,200,000
6,260,142
Johns
Hopkins
University,
Revenue,
2013
B,
5%,
7/01/38
....................
5,000,000
5,335,406
LifeBridge
Health
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
7/01/47
.....
4,000,000
4,667,671
LifeBridge
Health
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
7/01/44
.....
2,000,000
2,394,064
Loyola
University
Maryland,
Inc.,
Revenue,
2014,
Refunding,
5%,
10/01/45
......
2,250,000
2,514,685
Loyola
University
Maryland,
Inc.,
Revenue,
2019
A,
Refunding,
5%,
10/01/49
.....
2,000,000
2,484,119
Luminis
Health
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/39
.......
10,000,000
11,047,989
Maryland
Institute
College
of
Art,
Revenue,
2012,
5%,
6/01/29
................
1,000,000
1,022,355
Maryland
Institute
College
of
Art,
Revenue,
2016,
Refunding,
4%,
6/01/42
.......
5,325,000
5,806,933
MedStar
Health
Obligated
Group,
Revenue,
1997,
AMBAC
Insured,
ETM,
5%,
7/01/27
........................................................
8,175,000
9,337,117
MedStar
Health
Obligated
Group,
Revenue,
2013
A,
5%,
8/15/38
..............
5,000,000
5,374,269
MedStar
Health
Obligated
Group,
Revenue,
2017
A,
5%,
5/15/45
..............
5,000,000
6,044,326
Meritus
Medical
Center
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
7/01/45
.
8,535,000
9,563,345
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
6/01/28
..........
430,000
527,123
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
6/01/30
..........
775,000
983,895
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
6/01/32
..........
800,000
1,031,440
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
6/01/34
..........
350,000
413,916
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
6/01/36
..........
1,125,000
1,323,823
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
6/01/40
..........
1,850,000
2,158,692
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
6/01/46
..........
1,000,000
1,148,292
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
6/01/55
..........
1,000,000
1,138,534
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2017
MD,
5%,
12/01/46
........
1,680,000
2,038,920
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
7/01/35
....................................................
2,100,000
2,392,987
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2017
B,
Refunding,
5%,
7/01/39
............................................
10,000,000
12,036,799
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2017
D,
4%,
7/01/48
........................................................
5,000,000
5,648,362
Maryland
Industrial
Development
Financing
Authority
,
McDonogh
School,
Inc.,
Revenue,
2019,
Refunding,
4%,
9/01/43
..............
1,100,000
1,264,800
McDonogh
School,
Inc.,
Revenue,
2019,
Refunding,
4%,
9/01/48
..............
610,000
696,646
Maryland
Stadium
Authority
,
Baltimore
City
Public
School
Construction
Financing
Fund,
Revenue,
2016,
Pre-
Refunded,
5%,
5/01/46
............................................
10,085,000
12,043,657
Baltimore
City
Public
School
Construction
Financing
Fund,
Revenue,
2020
A,
5%,
5/01/50
........................................................
12,225,000
18,285,297
Maryland
Stadium
Authority
Built
to
Learn
,
Revenue
,
2021
,
4
%
,
6/01/46
..........
5,000,000
5,867,432
Maryland
State
Transportation
Authority
,
Revenue,
2020,
4%,
7/01/45
.........................................
8,000,000
9,457,017
Revenue,
2021
A,
Refunding,
5%,
7/01/51
...............................
4,900,000
6,367,739
State
of
Maryland
,
GO,
2020
A,
5%,
8/01/35
............................................
2,000,000
2,635,832
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
119
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
State
of
Maryland,
(continued)
Department
of
Transportation,
Revenue,
2020,
5%,
10/01/33
.................
$
3,000,000
$
3,978,390
State
of
Maryland
Department
of
Transportation
,
Maryland
Aviation
Administration,
Revenue,
2021
B,
5%,
8/01/46
..............
3,000,000
3,800,325
Maryland
Aviation
Administration,
Revenue,
2021
B,
4%,
8/01/51
..............
3,500,000
4,077,832
Town
of
Chestertown
,
Washington
College,
Revenue,
2021
A,
Refunding,
4%,
3/01/36
...............
3,700,000
4,317,664
Washington
College,
Revenue,
2021
A,
Refunding,
4%,
3/01/37
...............
2,095,000
2,440,817
University
System
of
Maryland
,
Revenue,
2021
A,
Refunding,
5%,
4/01/31
...............................
8,685,000
11,655,832
Revenue,
2021
A,
Refunding,
4%,
4/01/32
...............................
5,855,000
7,329,917
Washington
Suburban
Sanitary
Commission
,
Revenue,
Second
Series,
2016,
5%,
6/01/37
.............................
5,000,000
5,966,711
Revenue,
Second
Series,
2016,
4%,
6/01/43
.............................
8,070,000
9,152,432
387,799,085
Wisconsin
0.6%
b
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
.................................
2,700,000
2,700,000
U.S.
Territories
5.6%
District
of
Columbia
3.2%
Washington
Metropolitan
Area
Transit
Authority
,
Revenue,
2017
B,
5%,
7/01/42
........................................
5,000,000
6,013,208
Revenue,
2020
A,
5%,
7/15/45
........................................
3,000,000
3,807,411
Revenue,
2021
A,
4%,
7/15/43
........................................
1,750,000
2,104,647
Revenue,
2021
A,
5%,
7/15/37
........................................
1,000,000
1,329,000
13,254,266
Puerto
Rico
2.4%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
2,000,000
2,168,936
c
Revenue,
WW-RSA-1,
5.5%,
7/01/38
...................................
1,975,000
1,955,250
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/33
...................
1,805,000
1,972,133
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
1,000,000
1,086,566
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
2,550,000
2,780,522
9,963,407
Total
U.S.
Territories
....................................................................
23,217,673
Total
Municipal
Bonds
(Cost
$391,593,961)
.....................................
413,716,758
a
a
a
a
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
120
See
Abbreviations
on
page
200
.
Short
Term
Investments
1.0%
a
a
Principal
Amount
a
Value
Municipal
Bonds
1.0%
Maryland
1.0%
d
County
of
Montgomery
,
GO
,
2017
E
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.04
%
,
11/01/37
........................................................
$
4,200,000
$
4,200,000
Total
Municipal
Bonds
(Cost
$4,200,000)
.......................................
4,200,000
Total
Short
Term
Investments
(Cost
$4,200,000
)
.................................
4,200,000
a
Total
Investments
(Cost
$395,793,961)
99.7%
...................................
$417,916,758
Other
Assets,
less
Liabilities
0.3%
.............................................
1,196,417
Net
Assets
100.0%
...........................................................
$419,113,175
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
value
of
this
security
was
$2,700,000,
representing
0.6%
of
net
assets.
c
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
d
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
Massachusetts
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
121
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
94.7%
Illinois
1.6%
a
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
12/15/42
.
$
1,750,000
$
2,003,197
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
2,000,000
2,339,888
GO,
2017
D,
5%,
11/01/26
...........................................
1,000,000
1,187,101
GO,
2017
D,
5%,
11/01/27
...........................................
1,000,000
1,210,136
GO,
2018
A,
Refunding,
5%,
10/01/28
..................................
140,000
172,567
6,912,889
Massachusetts
87.9%
Acton
&
Boxborough
Regional
School
District
,
GO,
5%,
3/01/33
..................................................
2,095,000
2,664,428
GO,
3%,
3/01/34
..................................................
1,485,000
1,660,894
GO,
3%,
3/01/35
..................................................
2,130,000
2,371,967
Boston
Water
&
Sewer
Commission
,
Revenue,
Senior
Lien
,
2014
A
,
Pre-Refunded
,
4
%
,
11/01/28
.....................................................
4,400,000
4,865,025
City
of
Lowell
,
GO,
2020,
Refunding,
4%,
9/01/31
.....................................
2,000,000
2,423,697
GO,
2020,
Refunding,
4%,
9/01/33
.....................................
2,025,000
2,431,596
GO,
2020,
Refunding,
3%,
9/01/34
.....................................
1,000,000
1,111,817
City
of
Quincy
,
GO
,
2014
,
4
%
,
6/01/32
....................................
2,565,000
2,778,170
City
of
Worcester
,
GO
,
2020
A
,
3
%
,
2/01/42
................................
1,685,000
1,819,702
Commonwealth
of
Massachusetts
,
GO,
2018
A,
5%,
1/01/47
............................................
5,000,000
6,113,685
GO,
A,
5.25%,
4/01/42
..............................................
5,000,000
6,129,111
GO,
F,
4%,
11/01/29
................................................
6,000,000
6,195,764
Revenue,
2005,
Refunding,
AGMC,
NATL
Insured,
5.5%,
1/01/34
..............
11,900,000
16,430,154
Transportation
Fund,
Revenue,
2016
B,
4%,
6/01/45
.......................
7,175,000
8,116,285
Transportation
Fund,
Revenue,
2017
A,
5%,
6/01/47
.......................
5,000,000
6,066,825
Transportation
Fund,
Revenue,
2018
A,
5%,
6/01/48
.......................
5,000,000
6,197,231
Transportation
Fund,
Revenue,
2019
A,
5%,
6/01/49
.......................
1,925,000
2,400,019
Massachusetts
Bay
Transportation
Authority
,
Sales
Tax,
Revenue,
2020
B-1,
Refunding,
5%,
7/01/50
.....................
5,000,000
6,170,222
Sales
Tax,
Revenue,
2021
A-1,
Refunding,
4%,
7/01/37
.....................
3,000,000
3,687,188
Sales
Tax,
Revenue,
A,
5%,
7/01/40
....................................
5,000,000
5,771,041
Sales
Tax,
Revenue,
A-1,
Refunding,
5.25%,
7/01/30
.......................
4,000,000
5,370,508
Sales
Tax,
Revenue,
Senior
Lien,
B,
Refunding,
5%,
7/01/33
.................
2,500,000
2,884,593
Massachusetts
Clean
Water
Trust
(The)
,
Revenue,
1999
A,
5.75%,
8/01/29
.....................................
250,000
251,140
Revenue,
2000-6,
5.5%,
8/01/30
......................................
130,000
130,566
Revenue,
7,
5.125%,
2/01/31
.........................................
260,000
261,055
Massachusetts
Development
Finance
Agency
,
Bentley
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/37
................
1,000,000
1,200,329
Beth
Israel
Lahey
Health
Obligated
Group,
Revenue,
2015
F,
Refunding,
5%,
8/15/32
2,975,000
3,409,145
Beth
Israel
Lahey
Health
Obligated
Group,
Revenue,
2015
F,
Refunding,
5%,
8/15/34
5,000,000
5,717,872
Beth
Israel
Lahey
Health
Obligated
Group,
Revenue,
2016
I,
Refunding,
5%,
7/01/34
1,500,000
1,764,082
Brandeis
University,
Revenue,
2019
S-1,
Refunding,
5%,
10/01/38
.............
2,410,000
2,999,696
Broad
Institute,
Inc.
(The),
Revenue,
2017,
Refunding,
4%,
4/01/41
............
5,000,000
5,707,983
Dana-Farber
Cancer
Institute
Obligated
Group,
Revenue,
2016
N,
5%,
12/01/46
..
6,890,000
8,124,267
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2021
C,
4%,
11/01/46
.......................................................
1,250,000
1,474,222
b
Loomis
Obligated
Group,
Revenue,
2021,
4%,
1/01/41
......................
435,000
484,787
b
Loomis
Obligated
Group,
Revenue,
2021,
4%,
1/01/51
......................
300,000
330,645
a,c
Loomis
Obligated
Group,
Revenue,
144A,
2022,
Refunding,
4%,
1/01/26
........
1,000,000
1,072,655
a,c
Loomis
Obligated
Group,
Revenue,
144A,
2022,
Refunding,
4%,
1/01/31
........
870,000
950,194
a,c
Loomis
Obligated
Group,
Revenue,
144A,
2022,
Refunding,
4%,
1/01/41
........
485,000
522,542
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
122
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Development
Finance
Agency,
(continued)
a,c
Loomis
Obligated
Group,
Revenue,
144A,
2022,
Refunding,
4%,
1/01/51
........
$
520,000
$
554,891
Mass
General
Brigham,
Inc.,
Revenue,
2016
Q,
Refunding,
5%,
7/01/34
.........
5,000,000
5,927,760
Mass
General
Brigham,
Inc.,
Revenue,
2017
S-1,
Refunding,
5%,
7/01/33
.......
1,880,000
2,317,985
Mass
General
Brigham,
Inc.,
Revenue,
2017
S-1,
Refunding,
4%,
7/01/41
.......
7,500,000
8,586,783
Mass
General
Brigham,
Inc.,
Revenue,
2020
A-2,
Refunding,
4%,
7/01/41
.......
1,000,000
1,174,797
Merrimack
College,
Revenue,
2021
B,
4%,
7/01/42
........................
475,000
549,320
Merrimack
College,
Revenue,
2021
B,
4%,
7/01/50
........................
3,650,000
4,167,276
Northeastern
University,
Revenue,
2014
A,
5%,
3/01/44
.....................
5,000,000
5,481,405
President
&
Trustees
of
Williams
College,
Revenue,
2017
S,
4%,
7/01/46
........
9,550,000
10,814,406
President
and
Fellows
of
Harvard
College,
Revenue,
2016
A,
Refunding,
5%,
7/15/33
5,000,000
5,988,829
a
Seven
Hills
Foundation
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
9/01/34
.
735,000
873,170
a
Seven
Hills
Foundation
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
9/01/39
.
750,000
872,839
a
Seven
Hills
Foundation
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
9/01/41
.
500,000
577,133
a
Seven
Hills
Foundation
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
9/01/48
.
1,750,000
1,987,124
Southcoast
Health
System
Obligated
Group,
Revenue,
2021
G,
Refunding,
4%,
7/01/46
........................................................
4,545,000
5,357,084
Southcoast
Health
System
Obligated
Group,
Revenue,
2021
G,
Refunding,
5%,
7/01/50
........................................................
6,590,000
8,404,755
Suffolk
University,
Revenue,
2021,
4%,
7/01/46
...........................
2,150,000
2,499,461
Suffolk
University,
Revenue,
2021,
4%,
7/01/51
...........................
8,250,000
9,539,505
Trustees
of
Boston
College,
Revenue,
2017
T,
Refunding,
5%,
7/01/42
..........
3,750,000
4,512,150
Trustees
of
Boston
University,
Revenue,
BB-1,
4%,
10/01/46
.................
5,000,000
5,693,789
Wellesley
College,
Revenue,
2018
L,
Refunding,
4%,
7/01/44
.................
6,160,000
7,106,788
Wheaton
College,
Revenue,
2021
I,
5%,
1/01/53
..........................
3,000,000
3,701,011
Woods
Hole
Oceanographic
Institution,
Revenue,
2018,
Refunding,
5%,
6/01/35
..
1,200,000
1,488,137
Woods
Hole
Oceanographic
Institution,
Revenue,
2018,
Refunding,
5%,
6/01/36
..
1,000,000
1,238,084
Worcester
Polytechnic
Institute,
Revenue,
2012,
4%,
9/01/49
.................
4,825,000
4,941,333
Worcester
Polytechnic
Institute,
Revenue,
2017,
Refunding,
5%,
9/01/42
........
1,090,000
1,322,633
Worcester
Polytechnic
Institute,
Revenue,
2019,
4%,
9/01/44
.................
1,350,000
1,554,855
Massachusetts
Educational
Financing
Authority
,
Revenue,
2017
B,
Refunding,
4.25%,
7/01/46
.............................
2,500,000
2,652,567
Revenue,
2021
C,
3%,
7/01/51
........................................
3,000,000
3,025,343
Massachusetts
Health
&
Educational
Facilities
Authority
,
Trustees
of
Boston
College
,
Revenue
,
M2
,
5.5
%
,
6/01/35
.........................................
8,600,000
12,205,337
Massachusetts
Housing
Finance
Agency
,
Revenue,
159,
FNMA
Insured,
4.05%,
12/01/32
...........................
415,000
415,672
Revenue,
2009
C,
Refunding,
5.125%,
12/01/39
...........................
1,045,000
1,046,552
Revenue,
2009
C,
Refunding,
5.35%,
12/01/49
...........................
2,770,000
2,774,286
Revenue,
2012
F,
3.15%,
12/01/32
.....................................
105,000
105,832
Revenue,
2012
F,
3.45%,
12/01/37
.....................................
45,000
45,430
Revenue,
214,
GNMA
Insured,
2.55%,
12/01/34
...........................
1,000,000
1,054,189
Revenue,
214,
GNMA
Insured,
2.8%,
12/01/39
............................
2,860,000
3,025,944
Revenue,
A,
3.25%,
12/01/27
.........................................
4,000,000
4,075,224
Revenue,
A,
3.5%,
12/01/31
..........................................
5,805,000
5,898,837
b
Massachusetts
Municipal
Wholesale
Electric
Co.
,
Revenue,
2015
A,
4%,
7/01/46
........................................
2,000,000
2,412,849
Revenue,
2015
A,
4%,
7/01/51
........................................
2,250,000
2,701,469
Massachusetts
Port
Authority
,
Revenue,
2019
B,
5%,
7/01/44
........................................
5,000,000
6,300,393
Revenue,
2019
B,
5%,
7/01/49
........................................
5,000,000
6,262,972
Revenue,
2021
B,
Refunding,
5%,
7/01/40
...............................
1,215,000
1,563,512
Massachusetts
School
Building
Authority
,
Revenue,
2018
B,
5.25%,
2/15/48
.....................................
2,315,000
2,887,438
Revenue,
2019
A,
5%,
2/15/44
........................................
1,000,000
1,251,630
Revenue,
2020
A,
4%,
8/15/45
........................................
5,000,000
5,953,795
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
123
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
School
Building
Authority,
(continued)
Revenue,
Senior
Lien,
2016
C,
Refunding,
5%,
11/15/34
....................
$
5,000,000
$
6,011,353
Massachusetts
State
College
Building
Authority
,
Revenue
,
2017
D
,
Refunding
,
4
%
,
5/01/38
.........................................................
4,350,000
5,056,835
Massachusetts
Transportation
Trust
Fund
,
Metropolitan
Highway
System,
Revenue,
2019
B-1,
Refunding,
5%,
1/01/37
......
1,015,000
1,270,378
Metropolitan
Highway
System,
Revenue,
Senior
Lien,
2019
A,
Refunding,
5%,
1/01/37
........................................................
2,750,000
3,399,940
Massachusetts
Water
Resources
Authority
,
Revenue,
2016
C,
Refunding,
5%,
8/01/40
...............................
5,000,000
5,970,357
Revenue,
2018
B,
5%,
8/01/43
........................................
4,000,000
4,983,227
Revenue,
2020
B,
5%,
8/01/36
........................................
1,500,000
1,970,243
Revenue,
B,
Refunding,
AGMC
Insured,
5.25%,
8/01/28
.....................
5,490,000
7,058,456
Revenue,
B,
5%,
8/01/40
............................................
1,140,000
1,397,032
Revenue,
B,
5%,
8/01/42
............................................
3,145,000
3,855,187
Springfield
Water
&
Sewer
Commission
,
Revenue
,
2017
C
,
5
%
,
4/15/37
..........
1,260,000
1,530,729
Town
of
Belmont
,
GO
,
2019
,
4
%
,
3/15/45
.................................
3,020,000
3,544,703
Town
of
Braintree
,
GO,
Refunding,
5%,
5/15/27
.........................................
2,000,000
2,461,032
GO,
2019,
3%,
6/01/35
.............................................
1,765,000
1,941,703
Town
of
Natick
,
GO
,
2018
,
4
%
,
7/15/35
...................................
4,970,000
5,789,941
Town
of
Plymouth
,
GO
,
2017
,
4
%
,
5/01/47
.................................
5,000,000
5,717,140
University
of
Massachusetts
Building
Authority
,
Revenue,
Senior
Lien,
1,
Pre-Refunded,
5%,
11/01/44
......................
4,000,000
4,540,736
Revenue,
Senior
Lien,
2017-1,
5.25%,
11/01/42
...........................
5,000,000
6,262,543
Revenue,
Senior
Lien,
2019-1,
Refunding,
5%,
5/01/39
.....................
5,000,000
6,309,941
390,025,152
New
Jersey
0.8%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2019
BB,
4%,
6/15/50
.......................................
250,000
278,778
Revenue,
2020
AA,
4%,
6/15/35
.......................................
250,000
293,103
Revenue,
2020
AA,
5%,
6/15/38
.......................................
1,000,000
1,262,678
Revenue,
2020
AA,
4%,
6/15/45
.......................................
475,000
542,141
Revenue,
2020
AA,
3%,
6/15/50
.......................................
500,000
518,318
Revenue,
2020
AA,
4%,
6/15/50
.......................................
500,000
567,711
State
of
New
Jersey
,
GO
,
2020
A
,
5
%
,
6/01/28
.............................
250,000
310,684
3,773,413
New
York
1.3%
Metropolitan
Transportation
Authority
,
Revenue,
2020
D,
4%,
11/15/47
.......................................
500,000
568,416
Revenue,
2021
A-1,
4%,
11/15/46
.....................................
800,000
915,937
Revenue,
2021
A-2,
4%,
11/15/42
.....................................
1,700,000
1,961,500
Revenue,
2021
A-2,
4%,
11/15/43
.....................................
2,000,000
2,302,802
5,748,655
Tennessee
0.1%
d
Tennessee
Energy
Acquisition
Corp.
,
Revenue
,
2021
A
,
Mandatory
Put
,
5
%
,
11/01/31
500,000
647,147
Texas
0.1%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/37
.................................
300,000
310,198
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
124
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
0.1%
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/44
.............................
$
500,000
$
614,642
Wisconsin
0.7%
c
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
.................................
2,900,000
2,900,000
U.S.
Territories
2.1%
Puerto
Rico
2.1%
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/34
................
5,000,000
5,424,496
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
2,700,000
2,933,729
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
250,000
272,600
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/39
..
200,000
229,937
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/31
..
440,000
567,497
9,428,259
Total
U.S.
Territories
....................................................................
9,428,259
Total
Municipal
Bonds
(Cost
$391,885,462)
.....................................
420,360,355
a
a
a
a
Short
Term
Investments
0.1%
Municipal
Bonds
0.1%
Massachusetts
0.1%
e
Massachusetts
Health
&
Educational
Facilities
Authority
,
President
and
Fellows
of
Harvard
College
,
Revenue
,
R
,
Daily
VRDN
and
Put
,
0.01
%
,
11/01/49
...........
525,000
525,000
Total
Municipal
Bonds
(Cost
$525,000)
.........................................
525,000
Total
Short
Term
Investments
(Cost
$525,000
)
..................................
525,000
a
Total
Investments
(Cost
$392,410,462)
94.8%
...................................
$420,885,355
Other
Assets,
less
Liabilities
5.2%
.............................................
22,918,199
Net
Assets
100.0%
...........................................................
$443,803,554
a
Security
purchased
on
a
when-issued
basis.
b
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
aggregate
value
of
these
securities
was
$6,000,282,
representing
1.4%
of
net
assets.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
Michigan
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
125
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.8%
Alabama
0.4%
a
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2021
B
,
Mandatory
Put
,
4
%
,
12/01/31
.....................................................
$
3,500,000
$
4,214,769
Florida
0.6%
Capital
Trust
Agency,
Inc.
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
................
5,256,000
5,267,984
Illinois
1.4%
b
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/52
..
2,500,000
2,824,082
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
5,000,000
5,849,720
GO,
2017
D,
5%,
11/01/27
...........................................
1,000,000
1,210,136
GO,
2020
B,
4%,
10/01/33
...........................................
1,300,000
1,527,376
GO,
2021
A,
4%,
3/01/40
............................................
1,860,000
2,165,766
13,577,080
Michigan
91.6%
Ann
Arbor
School
District
,
GO
,
2015
,
Refunding
,
5
%
,
5/01/29
..................
1,235,000
1,416,057
Byron
Center
Public
Schools
,
GO,
2017
I,
5%,
5/01/34
.............................................
1,000,000
1,212,164
GO,
2017
I,
5%,
5/01/35
.............................................
1,920,000
2,322,376
GO,
2017
I,
5%,
5/01/36
.............................................
650,000
785,071
GO,
2017
I,
5%,
5/01/37
.............................................
1,480,000
1,784,914
GO,
2017
I,
5%,
5/01/38
.............................................
1,330,000
1,601,346
GO,
2017
I,
5%,
5/01/39
.............................................
2,290,000
2,752,264
GO,
2017
I,
5%,
5/01/43
.............................................
2,250,000
2,686,881
GO,
2017
I,
5%,
5/01/47
.............................................
4,140,000
4,904,550
Caledonia
Community
Schools
,
GO
,
2015
,
Refunding
,
5
%
,
5/01/26
..............
1,000,000
1,191,321
Central
Michigan
University
,
Revenue,
2014,
Refunding,
5%,
10/01/30
................................
1,910,000
2,125,493
Revenue,
2014,
Refunding,
5%,
10/01/31
................................
1,055,000
1,172,497
Revenue,
2014,
Refunding,
5%,
10/01/34
................................
1,600,000
1,777,678
Revenue,
2014,
Refunding,
5%,
10/01/39
................................
2,000,000
2,227,217
Revenue,
2021,
Refunding,
3%,
10/01/46
................................
1,325,000
1,416,223
Revenue,
2021,
Refunding,
4%,
10/01/51
................................
1,250,000
1,469,281
Charter
Township
of
Bloomfield
,
GO,
2016,
Refunding,
5%,
5/01/29
.....................................
470,000
561,735
GO,
2016,
Refunding,
5%,
5/01/32
.....................................
1,000,000
1,187,954
Charter
Township
of
Commerce
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/38
............
3,250,000
3,772,852
City
of
Battle
Creek
,
Water
&
Wastewater
System
,
Revenue
,
2016
A
,
5
%
,
6/01/36
...
1,300,000
1,531,849
City
of
Detroit
,
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
Second
Lien,
2003
B,
NATL
Insured,
5%,
7/01/34
.........................................
25,000
25,100
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
Senior
Lien,
06A,
AGMC
Insured,
5%,
7/01/34
........................................
30,000
30,120
City
of
Grand
Rapids
,
Sanitary
Sewer
System,
Revenue,
2014,
Pre-Refunded,
5%,
1/01/33
...........
1,125,000
1,235,045
Sanitary
Sewer
System,
Revenue,
2014,
Pre-Refunded,
5%,
1/01/34
...........
1,000,000
1,097,817
Sanitary
Sewer
System,
Revenue,
2014,
Pre-Refunded,
5%,
1/01/35
...........
1,500,000
1,646,726
Sanitary
Sewer
System,
Revenue,
2014,
Pre-Refunded,
5%,
1/01/39
...........
880,000
966,079
Sanitary
Sewer
System,
Revenue,
2014,
Pre-Refunded,
5%,
1/01/44
...........
2,000,000
2,195,635
Sanitary
Sewer
System,
Revenue,
2016,
Refunding,
5%,
1/01/36
..............
1,250,000
1,457,423
Sanitary
Sewer
System,
Revenue,
2018,
5%,
1/01/37
.......................
1,040,000
1,267,481
Sanitary
Sewer
System,
Revenue,
2018,
5%,
1/01/43
.......................
1,000,000
1,203,535
Sanitary
Sewer
System,
Revenue,
2018,
5%,
1/01/48
.......................
5,000,000
5,983,462
Sanitary
Sewer
System,
Revenue,
2020,
Refunding,
5%,
1/01/45
..............
1,500,000
1,890,451
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
126
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
City
of
Grand
Rapids,
(continued)
Sanitary
Sewer
System,
Revenue,
2020,
Refunding,
4%,
1/01/50
..............
$
3,440,000
$
3,998,316
Water
Supply
System,
Revenue,
2016,
Refunding,
5%,
1/01/41
...............
2,190,000
2,522,932
Water
Supply
System,
Revenue,
2016,
Refunding,
5%,
1/01/46
...............
2,525,000
2,890,396
Water
Supply
System,
Revenue,
2018,
Refunding,
5%,
1/01/43
...............
1,500,000
1,805,303
Water
Supply
System,
Revenue,
2018,
Refunding,
5%,
1/01/48
...............
2,000,000
2,393,385
Water
Supply
System,
Revenue,
2020,
5%,
1/01/45
........................
2,425,000
3,056,229
Water
Supply
System,
Revenue,
2020,
5%,
1/01/50
........................
3,000,000
3,762,491
County
of
Kent
,
GO,
2016,
5%,
6/01/32
.............................................
1,305,000
1,554,885
GO,
2016,
5%,
6/01/33
.............................................
1,275,000
1,517,893
County
of
Muskegon
,
GO,
2015,
Refunding,
5%,
11/01/33
....................................
1,360,000
1,588,051
GO,
2015,
Refunding,
5%,
11/01/36
....................................
1,735,000
2,015,697
Detroit
City
School
District
,
GO
,
2001
A
,
AGMC
Insured
,
6
%
,
5/01/29
............
10,000,000
12,246,626
DeWitt
Public
Schools
,
GO,
2017,
5%,
5/01/30
.............................................
500,000
611,961
GO,
2017,
5%,
5/01/33
.............................................
815,000
993,448
GO,
2017,
5%,
5/01/34
.............................................
1,000,000
1,218,063
GO,
2017,
5%,
5/01/35
.............................................
1,000,000
1,215,455
GO,
2017,
5%,
5/01/36
.............................................
1,000,000
1,213,675
Downriver
Utility
Wastewater
Authority
,
Revenue,
2018,
Refunding,
AGMC
Insured,
5%,
4/01/34
....................
510,000
631,108
Revenue,
2018,
Refunding,
AGMC
Insured,
5%,
4/01/36
....................
1,600,000
1,970,400
Revenue,
2018,
Refunding,
AGMC
Insured,
5%,
4/01/38
....................
1,500,000
1,841,636
Revenue,
2018,
Refunding,
AGMC
Insured,
5%,
4/01/43
....................
3,000,000
3,628,480
East
Lansing
School
District
,
GO,
2017
I,
5%,
5/01/35
.............................................
1,500,000
1,814,356
GO,
2017
I,
5%,
5/01/37
.............................................
1,100,000
1,326,626
GO,
2017
I,
5%,
5/01/42
.............................................
3,500,000
4,192,815
Elk
Rapids
Schools
,
GO
,
2021
I
,
4
%
,
5/01/50
..............................
3,075,000
3,676,013
Farmington
Public
School
District
,
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/27
.........................
1,000,000
1,152,474
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/28
.........................
2,000,000
2,300,537
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/32
.........................
4,035,000
4,622,126
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/33
.........................
2,900,000
3,318,798
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/34
.........................
3,000,000
3,428,865
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/35
.........................
1,000,000
1,141,863
GO,
2018,
BAM
Insured,
4.5%,
5/01/38
.................................
7,225,000
8,586,039
Gerald
R
Ford
International
Airport
Authority
,
Revenue
,
2021
,
5
%
,
1/01/51
.........
2,000,000
2,578,415
Grand
Ledge
Public
Schools
,
GO
,
2021
II
,
5
%
,
5/01/47
.......................
5,220,000
6,738,061
Grand
Traverse
County
Hospital
Finance
Authority
,
Munson
Healthcare
Obligated
Group,
Revenue,
2014
A,
5%,
7/01/44
...........
2,000,000
2,214,477
Munson
Healthcare
Obligated
Group,
Revenue,
2014
A,
5%,
7/01/47
...........
2,500,000
2,764,028
Munson
Healthcare
Obligated
Group,
Revenue,
2019
A,
5%,
7/01/44
...........
1,110,000
1,349,052
Munson
Healthcare
Obligated
Group,
Revenue,
2019
B,
5%,
7/01/39
...........
1,625,000
1,991,071
Munson
Healthcare
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
7/01/51
....
10,000,000
10,596,084
Grand
Valley
State
University
,
Revenue,
2016
A,
Refunding,
5%,
12/01/32
..............................
4,295,000
5,037,580
Revenue,
2018,
5%,
12/01/38
........................................
900,000
1,110,052
Revenue,
2018,
5%,
12/01/43
........................................
1,800,000
2,208,081
Grandville
Public
Schools
,
GO,
II,
AGMC
Insured,
5%,
5/01/29
....................................
750,000
859,954
GO,
II,
AGMC
Insured,
5%,
5/01/30
....................................
1,000,000
1,146,605
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
127
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Grandville
Public
Schools,
(continued)
GO,
II,
AGMC
Insured,
5%,
5/01/31
....................................
$
1,150,000
$
1,318,175
GO,
II,
AGMC
Insured,
5%,
5/01/32
....................................
1,165,000
1,334,517
GO,
II,
AGMC
Insured,
5%,
5/01/34
....................................
1,315,000
1,503,465
GO,
II,
AGMC
Insured,
5%,
5/01/35
....................................
1,225,000
1,398,782
GO,
II,
AGMC
Insured,
5%,
5/01/37
....................................
2,915,000
3,320,057
GO,
II,
AGMC
Insured,
5%,
5/01/40
....................................
6,215,000
7,051,620
Gull
Lake
Community
School
District
,
GO
,
2018
I
,
5
%
,
5/01/48
.................
5,000,000
6,055,042
Holly
Area
School
District
,
GO,
2014,
Refunding,
5%,
5/01/30
.....................................
1,045,000
1,157,974
GO,
2014,
Refunding,
5%,
5/01/32
.....................................
1,040,000
1,151,636
Hudsonville
Public
Schools
,
GO,
2017,
Refunding,
5%,
5/01/37
.....................................
1,550,000
1,878,425
GO,
2017,
Refunding,
5%,
5/01/39
.....................................
2,500,000
3,019,256
GO,
2017,
Refunding,
5%,
5/01/41
.....................................
2,500,000
3,008,477
Kelloggsville
Public
Schools
,
GO,
2015,
Pre-Refunded,
AGMC
Insured,
5%,
5/01/33
......................
1,045,000
1,205,104
GO,
2015,
Pre-Refunded,
AGMC
Insured,
5%,
5/01/35
......................
1,150,000
1,326,191
GO,
2015,
Pre-Refunded,
AGMC
Insured,
5%,
5/01/38
......................
3,815,000
4,399,494
Kent
Hospital
Finance
Authority
,
Mary
Free
Bed
Rehabilitation
Hospital
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
4/01/51
..................................
6,010,000
6,086,731
Kentwood
Economic
Development
Corp.
,
Holland
Home
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/15/45
.......
905,000
995,547
b
Holland
Home
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
11/15/31
.......
1,000,000
1,101,417
b
Holland
Home
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
11/15/43
.......
2,250,000
2,409,357
Kentwood
Public
Schools
,
GO,
2016,
5%,
5/01/35
.............................................
1,205,000
1,418,251
GO,
2016,
5%,
5/01/36
.............................................
1,205,000
1,415,964
GO,
2016,
5%,
5/01/38
.............................................
1,210,000
1,416,118
GO,
2016,
5%,
5/01/41
.............................................
1,120,000
1,302,889
GO,
2016,
5%,
5/01/44
.............................................
1,800,000
2,083,840
L'Anse
Creuse
Public
Schools
,
GO,
2015,
Pre-Refunded,
5%,
5/01/28
..................................
5,230,000
6,031,286
GO,
2015,
Pre-Refunded,
5%,
5/01/30
..................................
5,560,000
6,411,845
GO,
2015,
Pre-Refunded,
5%,
5/01/32
..................................
5,890,000
6,792,404
GO,
2015,
Pre-Refunded,
5%,
5/01/34
..................................
6,220,000
7,172,963
GO,
2015,
Pre-Refunded,
5%,
5/01/35
..................................
2,840,000
3,275,115
Lansing
Board
of
Water
&
Light
,
Revenue,
2019
A,
5%,
7/01/48
........................................
10,000,000
12,464,104
Revenue,
2021
A,
5%,
7/01/51
........................................
8,000,000
10,404,558
Lansing
Community
College
,
GO,
2012,
5%,
5/01/32
.............................................
690,000
703,541
GO,
2017,
Refunding,
5%,
5/01/32
.....................................
2,000,000
2,463,725
Lansing
School
District
,
GO,
2016
I,
5%,
5/01/37
.............................................
1,490,000
1,747,333
GO,
2016
I,
5%,
5/01/39
.............................................
2,125,000
2,481,977
GO,
2016
I,
5%,
5/01/40
.............................................
2,200,000
2,564,405
Livonia
Public
Schools
,
GO
,
2013
I
,
Pre-Refunded
,
AGMC
Insured
,
5
%
,
5/01/38
....
6,000,000
6,404,896
Macomb
Interceptor
Drain
Drainage
District
,
Special
Assessment
,
2017
A
,
Refunding
,
5
%
,
5/01/42
......................................................
7,500,000
9,058,935
Mason
County
Central
School
District
,
GO
,
2014
,
Refunding
,
5
%
,
5/01/26
.........
1,100,000
1,269,341
Mattawan
Consolidated
School
District
,
GO,
2015
I,
Pre-Refunded,
5%,
5/01/30
.................................
1,000,000
1,153,209
GO,
2015
I,
Pre-Refunded,
5%,
5/01/31
.................................
1,915,000
2,208,396
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
128
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Mattawan
Consolidated
School
District,
(continued)
GO,
2015
I,
Pre-Refunded,
5%,
5/01/32
.................................
$
1,110,000
$
1,280,063
GO,
2015
I,
Pre-Refunded,
5%,
5/01/34
.................................
2,325,000
2,681,212
GO,
2015
I,
Pre-Refunded,
5%,
5/01/39
.................................
3,375,000
3,892,082
Meridian
Public
School
District
,
GO,
2015,
Refunding,
5%,
5/01/27
.....................................
735,000
849,506
GO,
2015,
Refunding,
5%,
5/01/29
.....................................
775,000
892,312
GO,
2015,
Refunding,
5%,
5/01/31
.....................................
1,130,000
1,300,634
Michigan
Finance
Authority
,
Beaumont
Health
Obligated
Group,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
11/01/32
.......................................................
10,005,000
10,434,644
Beaumont
Health
Obligated
Group,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
11/01/42
.......................................................
12,000,000
12,484,813
Beaumont
Health
Obligated
Group,
Revenue,
2013,
Refunding,
5%,
8/15/28
.....
5,585,000
6,026,922
Beaumont
Health
Obligated
Group,
Revenue,
2013,
Refunding,
5%,
8/15/29
.....
5,865,000
6,328,030
Calvin
University
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
9/01/46
......
1,750,000
2,027,190
Calvin
University
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
9/01/50
......
895,000
934,269
Calvin
University
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
9/01/50
......
1,300,000
1,498,089
Clean
Water
Revolving
Fund,
Revenue,
2016
B,
Refunding,
4%,
10/01/30
.......
2,750,000
3,167,509
Clean
Water
Revolving
Fund,
Revenue,
2018
B,
Refunding,
5%,
10/01/38
.......
8,055,000
10,124,477
County
of
Wayne,
Revenue,
Second
Lien,
2020,
Refunding,
4%,
11/01/50
.......
4,000,000
4,657,245
County
of
Wayne,
Revenue,
Second
Lien,
2020,
Refunding,
BAM
Insured,
4%,
11/01/55
.......................................................
11,000,000
12,824,056
Henry
Ford
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/32
.......................................................
2,725,000
3,250,052
Henry
Ford
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/37
.......................................................
4,235,000
5,026,197
Henry
Ford
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/41
.......................................................
22,015,000
26,022,980
Kalamazoo
College,
Revenue,
2018,
Refunding,
4%,
12/01/47
................
2,610,000
2,985,640
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/35
.................
400,000
463,574
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/36
.................
565,000
653,658
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/37
.................
640,000
738,824
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/38
.................
675,000
777,880
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/39
.................
645,000
741,878
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/45
.................
3,780,000
4,293,925
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/50
.................
3,000,000
3,390,683
Michigan
Finance
Authority
Clean
Water
Revolving
Fund,
Revenue,
2018
B,
Refunding,
5%,
10/01/39
...........................................
6,000,000
7,524,891
Sparrow
Health
Obligated
Group,
Revenue,
2012,
AGMC
Insured,
5%,
11/15/42
..
8,000,000
8,330,475
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/49
...
17,170,000
19,642,619
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
B-1,
2,
Refunding,
5%,
6/01/49
..
2,750,000
3,319,318
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2016
MI,
Pre-Refunded,
5%,
12/01/45
.......................................................
290,000
345,105
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2016
MI,
5%,
12/01/45
.........
19,710,000
23,149,113
Michigan
State
Building
Authority
,
Revenue,
2013
A-1,
Refunding,
5%,
10/15/33
.............................
5,000,000
5,410,097
Revenue,
2013
A-1,
Refunding,
5.25%,
10/15/47
..........................
5,000,000
5,430,364
Revenue,
2016
I,
Refunding,
5%,
4/15/41
................................
13,000,000
15,220,172
Revenue,
2016
I,
Refunding,
5%,
10/15/46
...............................
9,910,000
11,521,163
Revenue,
2016
I,
Refunding,
5%,
10/15/51
...............................
1,000,000
1,156,979
Revenue,
2019
I,
Refunding,
4%,
10/15/49
...............................
2,500,000
2,922,457
Revenue,
2021,
4%,
10/15/46
........................................
5,000,000
5,962,345
Revenue,
2021,
3%,
10/15/51
........................................
2,500,000
2,710,507
Revenue,
2021,
4%,
10/15/56
........................................
2,500,000
2,949,940
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
129
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group,
Revenue,
1999
B-3,
4%,
11/15/32
.............
$
5,000,000
$
5,862,542
Ascension
Health
Credit
Group,
Revenue,
1999
B-3,
4%,
11/15/33
.............
5,370,000
6,288,239
Ascension
Health
Credit
Group,
Revenue,
2010
F-7,
Refunding,
5%,
11/15/47
....
10,000,000
11,884,172
Ascension
Health
Credit
Group,
Revenue,
2010
F-8,
Refunding,
5%,
11/15/46
....
5,000,000
5,942,086
McLaren
Health
Care
Corp.
Obligated
Group,
Revenue,
2012
A,
Refunding,
5%,
6/01/26
........................................................
2,065,000
2,113,212
McLaren
Health
Care
Corp.
Obligated
Group,
Revenue,
2012
A,
Refunding,
5%,
6/01/27
........................................................
2,285,000
2,338,348
McLaren
Health
Care
Corp.
Obligated
Group,
Revenue,
2012
A,
Refunding,
5%,
6/01/28
........................................................
2,615,000
2,675,919
McLaren
Health
Care
Corp.
Obligated
Group,
Revenue,
2012
A,
Refunding,
5%,
6/01/35
........................................................
2,250,000
2,300,931
Michigan
State
Housing
Development
Authority
,
Revenue,
2019
B,
3.1%,
12/01/44
.....................................
15,000,000
15,786,130
Revenue,
2020
A,
2.8%,
12/01/45
.....................................
4,350,000
4,523,720
Revenue,
2020
A,
2.85%,
6/01/50
.....................................
5,150,000
5,347,649
Revenue,
2021
A,
2.5%,
6/01/52
......................................
3,000,000
2,935,258
Revenue,
2021
A,
2.7%,
10/01/56
.....................................
5,000,000
5,037,960
Revenue,
2021
A,
2.73%,
10/01/59
....................................
5,000,000
5,030,046
Michigan
State
University
,
Revenue
,
2015
A
,
5
%
,
8/15/40
.....................
8,500,000
9,733,814
Michigan
Strategic
Fund
,
State
of
Michigan
Department
of
Transportation
,
Revenue
,
2018
,
5
%
,
12/31/43
................................................
7,000,000
8,407,279
Michigan
Technological
University
,
Revenue
,
2015
A
,
5
%
,
10/01/45
..............
2,400,000
2,743,989
Oakland
School
District
,
GO,
2016,
Refunding,
5%,
5/01/35
.....................................
1,500,000
1,766,170
GO,
2016,
Refunding,
5%,
5/01/36
.....................................
1,005,000
1,180,949
Oakland
University
,
Revenue,
2014,
Refunding,
5%,
3/01/31
.................................
1,260,000
1,381,017
Revenue,
2014,
Refunding,
5%,
3/01/32
.................................
1,000,000
1,094,866
Revenue,
2014,
Refunding,
5%,
3/01/33
.................................
1,285,000
1,405,693
Revenue,
2014,
Refunding,
5%,
3/01/34
.................................
1,000,000
1,092,984
Revenue,
2014,
Refunding,
5%,
3/01/39
.................................
3,000,000
3,269,096
Revenue,
2016,
5%,
3/01/47
.........................................
7,230,000
8,396,289
Revenue,
2019,
5%,
3/01/50
.........................................
3,500,000
4,311,159
Rochester
Community
School
District
,
GO
,
2016
I
,
5
%
,
5/01/36
.................
2,800,000
3,292,862
Roseville
Community
Schools
,
GO,
2014,
Pre-Refunded,
5%,
5/01/27
..................................
1,370,000
1,579,897
GO,
2014,
Pre-Refunded,
5%,
5/01/28
..................................
3,040,000
3,505,757
GO,
2014,
Pre-Refunded,
5%,
5/01/29
..................................
3,300,000
3,805,591
GO,
2014,
Pre-Refunded,
5%,
5/01/30
..................................
1,620,000
1,868,200
GO,
2014,
Pre-Refunded,
5%,
5/01/31
..................................
1,585,000
1,827,837
Royal
Oak
Hospital
Finance
Authority
,
Beaumont
Health
Obligated
Group,
Revenue,
2014
D,
Refunding,
5%,
9/01/27
....
3,350,000
3,690,779
Beaumont
Health
Obligated
Group,
Revenue,
2014
D,
Refunding,
5%,
9/01/28
....
2,500,000
2,753,125
Beaumont
Health
Obligated
Group,
Revenue,
2014
D,
Refunding,
5%,
9/01/39
....
17,500,000
19,180,786
Saginaw
Valley
State
University
,
Revenue,
2016
A,
Refunding,
5%,
7/01/30
...............................
1,750,000
2,067,800
Revenue,
2016
A,
Refunding,
5%,
7/01/31
...............................
2,170,000
2,561,934
Revenue,
2016
A,
Refunding,
5%,
7/01/33
...............................
1,240,000
1,461,521
Saline
Area
Schools
,
GO,
2016,
5%,
5/01/34
.............................................
2,750,000
3,244,519
GO,
2016,
5%,
5/01/36
.............................................
2,950,000
3,466,468
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
130
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
South
Haven
Public
Schools
,
GO,
2015
B,
AGMC
Insured,
5%,
5/01/33
................................
$
350,000
$
400,672
GO,
2015
B,
AGMC
Insured,
5%,
5/01/35
................................
1,575,000
1,798,434
Sparta
Area
Schools
,
GO
,
II
,
5
%
,
5/01/48
.................................
5,750,000
6,904,932
Trenton
Public
Schools
School
District
,
GO,
2018,
5%,
5/01/42
.............................................
4,920,000
5,988,931
GO,
2018,
5%,
5/01/45
.............................................
11,480,000
13,819,989
Universal
Academy
,
Revenue,
2021,
Refunding,
2%,
12/01/26
................................
500,000
496,229
Revenue,
2021,
Refunding,
4%,
12/01/31
................................
500,000
561,169
Revenue,
2021,
Refunding,
4%,
12/01/40
................................
1,100,000
1,214,985
University
of
Michigan
,
Revenue,
2015,
Refunding,
5%,
4/01/46
.................................
2,000,000
2,347,807
Revenue,
2017
A,
Refunding,
5%,
4/01/37
...............................
2,700,000
3,268,192
Revenue,
2017
A,
Refunding,
5%,
4/01/42
...............................
26,635,000
32,026,949
Revenue,
2017
A,
Refunding,
5%,
4/01/47
...............................
5,000,000
5,997,761
Wayne
County
Airport
Authority
,
Revenue,
2021
A,
5%,
12/01/40
.......................................
3,330,000
4,355,349
Revenue,
2021
A,
5%,
12/01/41
.......................................
4,670,000
6,082,521
Revenue,
2021
B,
5%,
12/01/46
.......................................
2,000,000
2,537,801
Detroit
Metropolitan
Wayne
County
Airport,
Revenue,
2017
B,
5%,
12/01/42
......
1,045,000
1,261,264
Detroit
Metropolitan
Wayne
County
Airport,
Revenue,
2018
A,
5%,
12/01/43
......
7,750,000
9,640,573
Wayne
State
University
,
Revenue,
2015
A,
Refunding,
5%,
11/15/33
..............................
1,500,000
1,691,242
Revenue,
2018
A,
5%,
11/15/43
.......................................
4,500,000
5,474,330
Revenue,
2018
A,
4%,
11/15/48
.......................................
10,000,000
11,415,540
Western
Michigan
University
,
Revenue,
2015
A,
Refunding,
5%,
11/15/27
..............................
2,160,000
2,464,705
Revenue,
2015
A,
Refunding,
5%,
11/15/28
..............................
1,635,000
1,861,447
Revenue,
2015
A,
Refunding,
5%,
11/15/29
..............................
2,000,000
2,275,535
Revenue,
2015
A,
Refunding,
5%,
11/15/30
..............................
2,500,000
2,838,021
Revenue,
2015
A,
Refunding,
5%,
11/15/40
..............................
1,560,000
1,770,925
Revenue,
2015
A,
Refunding,
5%,
11/15/45
..............................
2,000,000
2,270,417
Revenue,
2019
A,
Refunding,
5%,
11/15/49
..............................
5,100,000
6,288,546
Zeeland
Public
Schools
,
GO,
2015
A,
AGMC
Insured,
5%,
5/01/31
................................
1,530,000
1,752,628
GO,
2015
A,
AGMC
Insured,
5%,
5/01/33
................................
2,000,000
2,286,638
GO,
2015
A,
Pre-Refunded,
AGMC
Insured,
5%,
5/01/35
....................
2,000,000
2,310,105
889,599,480
New
Jersey
0.8%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2019
BB,
4%,
6/15/50
.......................................
500,000
557,556
Revenue,
2020
AA,
5%,
6/15/38
.......................................
2,000,000
2,525,357
Revenue,
2020
AA,
3%,
6/15/50
.......................................
600,000
621,981
Revenue,
2021
A,
Refunding,
5%,
6/15/33
...............................
2,065,000
2,678,231
State
of
New
Jersey
,
GO
,
2020
A
,
5
%
,
6/01/28
.............................
1,000,000
1,242,737
7,625,862
New
York
1.1%
Metropolitan
Transportation
Authority
,
Revenue,
2020
A-1,
4%,
11/15/53
.....................................
1,000,000
1,124,999
Revenue,
2021
A-1,
4%,
11/15/46
.....................................
1,300,000
1,488,397
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
131
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Metropolitan
Transportation
Authority,
(continued)
Revenue,
2021
A-2,
4%,
11/15/42
.....................................
$
6,700,000
$
7,730,618
10,344,014
Tennessee
0.1%
a
Tennessee
Energy
Acquisition
Corp.
,
Revenue
,
2021
A
,
Mandatory
Put
,
5
%
,
11/01/31
1,000,000
1,294,294
Texas
0.1%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/39
325,000
332,908
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/40
300,000
306,447
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/47
550,000
557,361
1,196,716
Wisconsin
0.6%
c
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
.................................
6,300,000
6,300,000
U.S.
Territories
2.1%
Guam
0.2%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
1,750,000
2,145,020
Puerto
Rico
1.9%
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/34
................
7,420,000
8,049,952
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
500,000
539,737
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/32
...................
2,100,000
2,327,954
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
...................
1,515,000
1,635,541
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
1,020,000
1,108,297
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
3,900,000
4,252,564
17,914,045
Total
U.S.
Territories
....................................................................
20,059,065
Total
Municipal
Bonds
(Cost
$895,271,951)
.....................................
959,479,264
a
a
a
a
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
132
See
Abbreviations
on
page
200
.
Short
Term
Investments
1.3%
a
a
Principal
Amount
a
Value
Municipal
Bonds
1.3%
Michigan
1.3%
d
Green
Lake
Township
Economic
Development
Corp.
,
Interlochen
Center
for
the
Arts
,
Revenue
,
2004
,
Refunding
,
LOC
BMO
Harris
Bank
NA
,
Daily
VRDN
and
Put
,
0.04
%
,
6
/01/34
.........................................................
$
2,100,000
$
2,100,000
d
Michigan
Strategic
Fund
,
Edison
Institute
(The)
,
Revenue
,
2002
,
LOC
Comerica
Bank
,
Daily
VRDN
and
Put
,
0.05
%
,
12/01/33
..................................
8,090,000
8,090,000
d
University
of
Michigan
,
Revenue
,
2012
D-1
,
Daily
VRDN
and
Put
,
0.01
%
,
12/01/24
..
2,000,000
2,000,000
12,190,000
Total
Municipal
Bonds
(Cost
$12,190,000)
......................................
12,190,000
Total
Short
Term
Investments
(Cost
$12,190,000
)
................................
12,190,000
a
Total
Investments
(Cost
$907,461,951)
100.1%
..................................
$971,669,264
Other
Assets,
less
Liabilities
(0.1)%
†
...........................................
(161,050)
Net
Assets
100.0%
...........................................................
$971,508,214
†
Rounds
to
less
than
0.1%
of
net
assets.
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Security
purchased
on
a
when-issued
basis.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
value
of
this
security
was
$6,300,000,
representing
0.6%
of
net
assets.
d
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
Minnesota
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
133
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.7%
Alabama
0.4%
a
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2021
B
,
Mandatory
Put
,
4
%
,
12/01/31
.....................................................
$
4,000,000
$
4,816,879
Florida
0.5%
Capital
Trust
Agency,
Inc.
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
................
6,192,000
6,206,118
Illinois
0.9%
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
6,000,000
7,019,665
GO,
2017
D,
5%,
11/01/27
...........................................
1,000,000
1,210,136
GO,
2020
B,
5%,
10/01/29
...........................................
1,000,000
1,254,367
GO,
2021
A,
4%,
3/01/41
............................................
1,110,000
1,289,427
10,773,595
Minnesota
92.2%
Alexandria
Independent
School
District
No.
206
,
GO
,
2017
A
,
Refunding
,
3
%
,
2/01/37
29,905,000
32,183,923
Anoka-Hennepin
Independent
School
District
No.
11
,
GO,
2018
A,
3.25%,
2/01/37
..........................................
5,355,000
5,840,477
GO,
2018
A,
3.375%,
2/01/43
.........................................
6,020,000
6,557,956
Big
Lake
Independent
School
District
No.
727
,
GO,
2012
B,
Refunding,
5%,
2/01/23
...................................
2,990,000
3,013,597
GO,
2012
B,
Refunding,
5%,
2/01/24
...................................
3,000,000
3,023,675
GO,
2012
B,
Refunding,
5%,
2/01/25
...................................
1,225,000
1,234,667
Brainerd
Independent
School
District
No.
181
,
GO,
2018
A,
4%,
2/01/32
............................................
3,065,000
3,513,137
GO,
2018
A,
4%,
2/01/39
............................................
10,600,000
12,039,582
GO,
2018
A,
4%,
2/01/42
............................................
1,900,000
2,149,161
GO,
2018
C,
Refunding,
5%,
2/01/28
...................................
3,735,000
4,397,500
Cambridge-Isanti
Independent
School
District
No.
911
,
GO,
2012
A,
Refunding,
3%,
2/01/27
...................................
3,410,000
3,423,034
GO,
2012
A,
Refunding,
3%,
2/01/30
...................................
5,585,000
5,604,662
Centennial
Independent
School
District
No.
12
,
GO,
2015
A,
Zero
Cpn
.,
2/01/32
.......................................
1,450,000
1,060,773
GO,
2015
A,
Zero
Cpn
.,
2/01/34
.......................................
1,600,000
1,067,687
GO,
2015
A,
Zero
Cpn
.,
2/01/35
.......................................
350,000
223,324
Central
Minnesota
Municipal
Power
Agency
,
Revenue,
2012,
Refunding,
5%,
1/01/32
.................................
1,150,000
1,154,464
Revenue,
2012,
Refunding,
5%,
1/01/42
.................................
1,615,000
1,621,269
City
of
Center
City
,
Hazelden
Betty
Ford
Foundation
,
Revenue
,
2019
,
Refunding
,
4
%
,
11/01/41
........................................................
1,000,000
1,132,029
City
of
Elk
River
,
Electric
,
Revenue
,
2021
B
,
2.25
%
,
8/01/47
...................
1,475,000
1,446,246
City
of
Fridley
,
Fridley
Leased
Housing
Associates
I
LLLP
,
Revenue
,
2018
,
FNMA
Insured
,
3.75
%
,
11/01/34
............................................
9,655,057
11,170,384
City
of
Lakeville
,
GO
,
2012
B
,
Refunding
,
3
%
,
2/01/30
........................
4,690,000
4,706,511
City
of
Minneapolis
,
GO,
2018,
4%,
12/01/43
.............................................
5,000,000
5,688,406
GO,
2018,
4%,
12/01/46
.............................................
3,500,000
3,967,309
GO,
2019,
3%,
12/01/40
.............................................
5,000,000
5,410,760
14th
and
Central
LLLP,
Revenue,
2020,
FNMA
Insured,
2.35%,
2/01/38
.........
10,000,000
10,289,957
Allina
Health
Obligated
Group,
Revenue,
2021,
4%,
11/15/39
.................
4,000,000
4,857,892
Allina
Health
Obligated
Group,
Revenue,
2021,
4%,
11/15/40
.................
3,735,000
4,527,297
Fairview
Health
Services
Obligated
Group,
Revenue,
2015
A,
Refunding,
AGMC
Insured,
5%,
11/15/44
.............................................
10,000,000
11,538,560
Fairview
Health
Services
Obligated
Group,
Revenue,
2018
A,
Refunding,
AGMC
Insured,
5%,
11/15/49
.............................................
6,000,000
7,409,753
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
134
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
City
of
Minneapolis
St.
Paul
Housing
&
Redevelopment
Authority
,
Allina
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
11/15/26
.......
$
2,000,000
$
2,413,315
Allina
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
11/15/27
.......
2,000,000
2,436,582
City
of
Plymouth
,
GO,
2020
A,
2%,
2/01/31
............................................
1,790,000
1,855,511
GO,
2020
A,
2%,
2/01/32
............................................
2,080,000
2,143,081
GO,
2020
A,
2%,
2/01/33
............................................
2,125,000
2,178,332
City
of
Ramsey
,
GO,
2012
A,
Refunding,
3%,
12/15/28
..................................
1,105,000
1,106,121
GO,
2012
A,
Refunding,
3.375%,
12/15/31
...............................
1,215,000
1,216,398
City
of
Rochester
,
Electric
Utility,
Revenue,
2013
B,
Pre-Refunded,
5%,
12/01/43
................
1,000,000
1,094,060
Electric
Utility,
Revenue,
2017
A,
Refunding,
5%,
12/01/42
...................
2,000,000
2,358,278
Electric
Utility,
Revenue,
2017
A,
Refunding,
5%,
12/01/47
...................
9,210,000
10,777,111
Mayo
Clinic,
Revenue,
2016
B,
Refunding,
5%,
11/15/33
....................
4,425,000
6,289,215
Mayo
Clinic,
Revenue,
2016
B,
Refunding,
5%,
11/15/34
....................
10,235,000
14,851,685
Mayo
Clinic,
Revenue,
2016
B,
Refunding,
5%,
11/15/35
....................
5,000,000
7,392,699
Mayo
Clinic,
Revenue,
2016
B,
Refunding,
5%,
11/15/36
....................
4,200,000
6,325,729
Mayo
Clinic,
Revenue,
2018,
4%,
11/15/48
...............................
6,000,000
6,886,228
City
of
St.
Cloud
,
CentraCare
Health
System
Obligated
Group,
Revenue,
2016
A,
Refunding,
4%,
5/01/37
........................................................
12,310,000
13,752,142
CentraCare
Health
System
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
5/01/46
........................................................
4,650,000
5,409,317
City
of
St.
Paul
,
Sales
&
Use
Tax,
Revenue,
2014
G,
5%,
11/01/31
.........................
1,000,000
1,126,558
Sales
&
Use
Tax,
Revenue,
2014
G,
5%,
11/01/32
.........................
1,000,000
1,125,939
City
of
Virginia
,
GO,
2020
A,
AGMC
Insured,
4%,
2/01/36
................................
1,000,000
1,139,550
GO,
2020
A,
AGMC
Insured,
4%,
2/01/40
................................
1,160,000
1,314,256
Cloquet
Independent
School
District
No.
94
,
GO
,
2015
B
,
5
%
,
2/01/32
............
3,615,000
4,115,279
County
of
Hennepin
,
GO,
2019
B,
5%,
12/15/34
...........................................
1,055,000
1,337,290
GO,
2019
B,
5%,
12/15/36
...........................................
12,680,000
16,056,424
GO,
2020
A,
5%,
12/01/36
...........................................
5,855,000
7,769,297
GO,
2020
C,
5%,
12/15/31
...........................................
5,220,000
6,810,824
GO,
2021
A,
5%,
12/01/35
...........................................
5,675,000
7,693,162
Dakota
County
Community
Development
Agency
,
Revenue
,
2011
A
,
GNMA
Insured
,
4.875
%
,
12/01/33
..................................................
500,000
500,550
Dawson-Boyd
Independent
School
District
No.
378
,
GO
,
2019
A
,
3.125
%
,
2/01/40
...
2,965,000
3,217,214
Dilworth
Glyndon
Felton
Independent
School
District
No.
2164
,
GO,
2020
A,
3%,
2/01/37
............................................
1,000,000
1,068,987
GO,
2020
A,
3%,
2/01/39
............................................
1,000,000
1,066,835
GO,
2020
A,
3%,
2/01/41
............................................
1,225,000
1,304,115
Duluth
Economic
Development
Authority
,
Essentia
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5.25%,
2/15/53
...
15,900,000
19,279,058
Essentia
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5.25%,
2/15/58
...
13,035,000
15,779,509
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
6/15/38
........................................................
150,000
175,262
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
6/15/39
........................................................
155,000
180,564
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2021
A,
Refunding,
3%,
6/15/44
........................................................
850,000
880,349
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
135
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Duluth
Economic
Development
Authority,
(continued)
b
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
6/15/29
........................................................
$
400,000
$
486,940
b
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
6/15/30
........................................................
425,000
525,144
b
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
6/15/31
........................................................
450,000
564,432
b
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
6/15/32
........................................................
500,000
636,123
b
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
6/15/33
........................................................
600,000
759,260
b
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/15/34
........................................................
520,000
602,237
b
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/15/35
........................................................
425,000
490,001
b
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/15/36
........................................................
400,000
461,255
b
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/15/37
........................................................
375,000
432,413
b
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/15/38
........................................................
400,000
459,890
b
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/15/39
........................................................
250,000
286,524
Duluth
Independent
School
District
No.
709
,
COP,
2016
A,
Refunding,
5%,
2/01/25
..................................
1,015,000
1,146,576
COP,
2016
A,
Refunding,
5%,
2/01/26
..................................
2,740,000
3,186,740
COP,
2016
A,
Refunding,
4%,
2/01/27
..................................
3,750,000
4,247,277
COP,
2016
A,
Refunding,
4%,
2/01/28
..................................
1,500,000
1,694,056
GO,
2015
B,
Refunding,
4%,
2/01/25
...................................
3,450,000
3,789,742
GO,
2015
B,
Refunding,
2.5%,
2/01/26
..................................
2,840,000
2,971,167
GO,
2021
C,
Zero
Cpn
.,
2/01/29
.......................................
1,870,000
1,655,709
GO,
2021
C,
Zero
Cpn
.,
2/01/30
.......................................
1,275,000
1,093,447
GO,
2021
C,
Zero
Cpn
.,
2/01/31
.......................................
1,325,000
1,100,120
GO,
2021
C,
Zero
Cpn
.,
2/01/32
.......................................
1,080,000
868,058
GO,
2021
C,
Zero
Cpn
.,
2/01/33
.......................................
1,075,000
836,716
Edina
Independent
School
District
No.
273
,
GO
,
2019
A
,
3
%
,
2/01/36
............
1,630,000
1,758,432
Elk
River
Independent
School
District
No.
728
,
GO
,
2015
A
,
4
%
,
2/01/32
..........
6,130,000
6,536,132
Farmington
Independent
School
District
No.
192
,
GO
,
2016
A
,
4
%
,
2/01/28
........
3,830,000
4,325,488
Fridley
Independent
School
District
No.
14
,
GO
,
2016
A
,
4
%
,
2/01/29
............
2,220,000
2,501,958
Hastings
Independent
School
District
No.
200
,
GO,
2018
A,
Zero
Cpn
.,
2/01/38
.......................................
4,685,000
2,871,258
GO,
2018
A,
Zero
Cpn
.,
2/01/39
.......................................
4,685,000
2,748,916
GO,
2018
A,
Zero
Cpn
.,
2/01/40
.......................................
4,685,000
2,630,758
Hennepin
County
Regional
Railroad
Authority
,
GO,
2019
A,
5%,
12/01/35
...........................................
4,480,000
5,639,106
GO,
2019
A,
5%,
12/01/36
...........................................
5,220,000
6,562,533
Hermantown
Independent
School
District
No.
700
,
GO
,
2014
A
,
Pre-Refunded
,
4
%
,
2/01/29
.........................................................
2,310,000
2,486,989
Hopkins
Independent
School
District
No.
270
,
GO,
2019
A,
3%,
2/01/33
............................................
5,640,000
6,065,404
GO,
2019
A,
3%,
2/01/34
............................................
2,450,000
2,631,845
Jordan
Independent
School
District
No.
717
,
GO,
2014
A,
Refunding,
5%,
2/01/31
...................................
1,460,000
1,540,145
GO,
2014
A,
Refunding,
5%,
2/01/32
...................................
2,000,000
2,109,787
GO,
2014
A,
Refunding,
5%,
2/01/33
...................................
1,700,000
1,793,319
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
136
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Jordan
Independent
School
District
No.
717,
(continued)
GO,
2014
A,
Refunding,
5%,
2/01/34
...................................
$
1,805,000
$
1,904,083
GO,
2014
A,
Refunding,
5%,
2/01/35
...................................
1,000,000
1,055,015
Lakeview
Independent
School
District
No.
2167
,
GO
,
2021
A
,
2
%
,
2/01/38
.........
1,055,000
1,052,539
Lakeville
Independent
School
District
No.
194
,
GO,
2012
B,
Pre-Refunded,
3%,
2/01/25
................................
3,560,000
3,576,318
GO,
2021
B,
2.125%,
2/01/42
.........................................
4,085,000
4,074,119
Mankato
Independent
School
District
No.
77
,
GO
,
2020
A
,
4
%
,
2/01/41
...........
1,385,000
1,619,570
Maple
River
Independent
School
District
No.
2135
,
GO,
2020
A,
4%,
2/01/45
............................................
6,000,000
7,063,261
GO,
2020
A,
4%,
2/01/50
............................................
10,000,000
11,712,889
Metropolitan
Council
,
GO,
2016
C,
Refunding,
3%,
3/01/30
...................................
3,305,000
3,579,635
GO,
2019
A,
3%,
3/01/29
............................................
6,400,000
6,960,065
GO,
2020
B,
2.125%,
3/01/36
.........................................
4,500,000
4,572,672
GO,
2020
B,
2.125%,
3/01/37
.........................................
4,000,000
4,040,039
GO,
2020
B,
2.125%,
3/01/38
.........................................
4,000,000
4,032,647
Minneapolis
Special
School
District
No.
1
,
GO
,
2017
B
,
5
%
,
2/01/30
.............
2,590,000
3,216,434
Minneapolis-St.
Paul
Metropolitan
Airports
Commission
,
Revenue,
2012
B,
Refunding,
5%,
1/01/27
...............................
1,500,000
1,505,736
Revenue,
2012
B,
Refunding,
5%,
1/01/28
...............................
2,250,000
2,258,511
Revenue,
2019
A,
Refunding,
5%,
1/01/44
...............................
4,750,000
5,869,804
Revenue,
Senior
Lien,
2016
C,
5%,
1/01/34
..............................
2,870,000
3,443,865
Revenue,
Senior
Lien,
2016
C,
5%,
1/01/35
..............................
4,025,000
4,814,764
Revenue,
Senior
Lien,
2016
C,
5%,
1/01/41
..............................
19,655,000
23,424,135
Revenue,
Senior
Lien,
2016
C,
5%,
1/01/46
..............................
15,500,000
18,405,825
Minnesota
Higher
Education
Facilities
Authority
,
Carleton
College,
Revenue,
2017,
Refunding,
4%,
3/01/47
...................
3,575,000
4,027,862
Macalester
College,
Revenue,
2017,
Refunding,
3%,
3/01/33
.................
3,010,000
3,230,800
Macalester
College,
Revenue,
2017,
Refunding,
4%,
3/01/42
.................
900,000
1,014,020
Macalester
College,
Revenue,
2021,
Refunding,
4%,
3/01/36
.................
125,000
151,619
Macalester
College,
Revenue,
2021,
Refunding,
4%,
3/01/37
.................
125,000
151,375
Macalester
College,
Revenue,
2021,
Refunding,
3%,
3/01/40
.................
365,000
401,600
Macalester
College,
Revenue,
2021,
Refunding,
3%,
3/01/43
.................
330,000
359,869
St.
John's
University,
Revenue,
2021,
Refunding,
4%,
10/01/30
...............
320,000
390,057
St.
John's
University,
Revenue,
2021,
Refunding,
4%,
10/01/31
...............
270,000
327,389
St.
John's
University,
Revenue,
2021,
Refunding,
4%,
10/01/32
...............
255,000
307,325
St.
John's
University,
Revenue,
2021,
Refunding,
4%,
10/01/33
...............
240,000
288,962
St.
John's
University,
Revenue,
2021,
Refunding,
4%,
10/01/34
...............
355,000
426,190
St.
John's
University,
Revenue,
2021,
Refunding,
3%,
10/01/36
...............
210,000
231,167
St.
John's
University,
Revenue,
2021,
Refunding,
3%,
10/01/37
...............
250,000
274,547
St.
John's
University,
Revenue,
2021,
Refunding,
3%,
10/01/38
...............
250,000
274,027
St.
John's
University,
Revenue,
2021,
Refunding,
4%,
10/01/39
...............
220,000
261,643
St.
John's
University,
Revenue,
2021,
Refunding,
4%,
10/01/40
...............
310,000
367,757
St.
Olaf
College,
Revenue,
2021,
3%,
10/01/38
...........................
1,000,000
1,104,703
St.
Olaf
College,
Revenue,
2021,
3%,
10/01/41
...........................
1,600,000
1,756,405
St.
Olaf
College,
Revenue,
2021,
4%,
10/01/46
...........................
3,740,000
4,423,488
St.
Olaf
College,
Revenue,
2021,
4%,
10/01/50
...........................
3,805,000
4,482,161
St.
Olaf
College,
Revenue,
Eight
N,
Refunding,
4%,
10/01/33
.................
1,500,000
1,696,368
St.
Olaf
College,
Revenue,
Eight
N,
Refunding,
4%,
10/01/35
.................
500,000
564,272
University
of
St.
Thomas,
Revenue,
2016
8-L,
Refunding,
4%,
4/01/31
..........
4,200,000
4,678,346
University
of
St.
Thomas,
Revenue,
2016
8-L,
Refunding,
5%,
4/01/35
..........
1,720,000
1,983,136
University
of
St.
Thomas,
Revenue,
2017
A,
Refunding,
4%,
10/01/36
..........
750,000
855,992
University
of
St.
Thomas,
Revenue,
2017
A,
Refunding,
4%,
10/01/37
..........
750,000
854,625
University
of
St.
Thomas,
Revenue,
2019,
5%,
10/01/40
.....................
3,260,000
4,068,061
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
137
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Minnesota
Higher
Education
Facilities
Authority,
(continued)
University
of
St.
Thomas,
Revenue,
2019,
4%,
10/01/44
.....................
$
2,745,000
$
3,165,705
Minnesota
Housing
Finance
Agency
,
Revenue,
2009,
4%,
8/01/29
.........................................
3,675,000
3,684,152
Revenue,
2011,
5%,
8/01/31
.........................................
2,225,000
2,233,600
Revenue,
2019
C,
4%,
8/01/39
........................................
1,000,000
1,166,636
Revenue,
2020
B,
4%,
8/01/39
........................................
2,055,000
2,459,118
Revenue,
2020
B,
GNMA
Insured,
2.8%,
1/01/44
..........................
3,375,000
3,505,135
Revenue,
2020
D,
4%,
8/01/41
........................................
1,000,000
1,191,850
Revenue,
2020
D,
4%,
8/01/42
........................................
1,000,000
1,188,864
Revenue,
2020
E,
GNMA
Insured,
2.5%,
7/01/40
..........................
2,055,000
2,117,138
Revenue,
2020
E,
GNMA
Insured,
2.7%,
7/01/44
..........................
2,875,000
2,977,840
Revenue,
2020
G,
GNMA
Insured,
2.45%,
7/01/45
.........................
2,270,000
2,300,184
Revenue,
2021
B,
GNMA
Insured,
2.1%,
7/01/36
..........................
985,000
995,661
Revenue,
2021
B,
GNMA
Insured,
2.3%,
7/01/41
..........................
3,475,000
3,524,442
Revenue,
2021
B,
GNMA
Insured,
2.45%,
7/01/46
.........................
3,465,000
3,495,378
Revenue,
2021
B,
GNMA
Insured,
2.5%,
7/01/51
..........................
4,055,000
4,091,592
Revenue,
2021
D,
Refunding,
GNMA
Insured,
2%,
7/01/36
...................
5,960,000
5,977,654
Revenue,
2021
D,
Refunding,
GNMA
Insured,
2.45%,
1/01/52
................
11,915,000
11,939,705
Minnesota
Municipal
Power
Agency
,
Revenue,
2014
A,
Refunding,
4%,
10/01/31
..............................
1,265,000
1,369,192
Revenue,
2014
A,
Refunding,
4%,
10/01/32
..............................
1,200,000
1,297,791
Revenue,
2014
A,
Refunding,
4%,
10/01/33
..............................
1,000,000
1,080,822
Revenue,
2014
A,
Refunding,
5%,
10/01/34
..............................
1,000,000
1,120,774
Revenue,
2014
A,
Refunding,
5%,
10/01/35
..............................
1,005,000
1,125,172
Revenue,
2016,
4%,
10/01/41
........................................
4,680,000
5,246,899
Revenue,
2016,
5%,
10/01/47
........................................
4,650,000
5,434,326
Minnesota
Public
Facilities
Authority
,
Revenue
,
2010
A
,
5
%
,
3/01/24
.............
17,010,000
18,792,937
Minnesota
State
Colleges
And
Universities
Foundation
,
Revenue
,
2012
A
,
Refunding
,
5
%
,
10/01/22
.....................................................
1,410,000
1,465,816
Moorhead
Independent
School
District
No.
152
,
GO
,
2020
A
,
2.5
%
,
2/01/37
.......
9,295,000
9,676,969
North
St.
Paul-Maplewood-Oakdale
Independent
School
District
No.
622
,
GO,
2019
A,
3%,
2/01/42
............................................
5,975,000
6,409,066
GO,
2019
A,
3%,
2/01/46
............................................
23,965,000
25,510,531
Northern
Municipal
Power
Agency
,
Revenue,
2013
A,
5%,
1/01/30
........................................
1,190,000
1,246,909
Revenue,
2017,
Refunding,
5%,
1/01/41
.................................
800,000
943,867
Prior
Lake-Savage
Independent
School
District
No.
719
,
GO,
2018
B,
Zero
Cpn
.,
2/01/27
.......................................
10,545,000
9,990,647
GO,
2018
B,
Zero
Cpn
.,
2/01/28
.......................................
13,055,000
12,110,398
GO,
2018
B,
Zero
Cpn
.,
2/01/30
.......................................
9,010,000
7,784,489
GO,
2018
B,
Zero
Cpn
.,
2/01/31
.......................................
5,310,000
4,425,120
Robbinsdale
Independent
School
District
No.
281
,
GO
,
2021
A
,
5
%
,
2/01/31
.......
1,910,000
2,462,510
Rochester
Independent
School
District
No.
535
,
GO,
2020
A,
4%,
2/01/28
............................................
4,300,000
5,116,747
GO,
2020
A,
4%,
2/01/29
............................................
6,565,000
7,766,921
Roseville
Independent
School
District
No.
623
,
GO,
2018
A,
5%,
2/01/30
............................................
3,700,000
4,455,316
GO,
2018
A,
4%,
2/01/34
............................................
9,535,000
10,765,388
Sartell-St.
Stephen
Independent
School
District
No.
748
,
GO,
2016
B,
Zero
Cpn
.,
2/01/36
.......................................
3,000,000
1,981,189
GO,
2016
B,
Zero
Cpn
.,
2/01/37
.......................................
2,820,000
1,789,431
GO,
2016
B,
Zero
Cpn
.,
2/01/38
.......................................
5,220,000
3,192,813
GO,
2016
B,
Zero
Cpn
.,
2/01/39
.......................................
3,020,000
1,779,821
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
138
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
South
Washington
County
Independent
School
District
No.
833
,
GO
,
2016
C
,
4
%
,
2/01/29
.........................................................
$
5,260,000
$
5,939,578
Southern
Minnesota
Municipal
Power
Agency
,
Revenue,
1994
A,
NATL
Insured,
Zero
Cpn
.,
1/01/23
.......................
4,000,000
3,982,577
Revenue,
1994
A,
NATL
Insured,
Zero
Cpn
.,
1/01/26
.......................
5,395,000
5,174,900
Revenue,
1994
A,
NATL
Insured,
Zero
Cpn
.,
1/01/27
.......................
6,600,000
6,211,449
Revenue,
2015
A,
Refunding,
5%,
1/01/46
...............................
9,345,000
10,697,328
Revenue,
2017
A,
5%,
1/01/42
........................................
1,315,000
1,583,093
Revenue,
2019
A,
5%,
1/01/32
........................................
700,000
888,912
Revenue,
2019
A,
5%,
1/01/33
........................................
560,000
709,822
Revenue,
2019
A,
5%,
1/01/34
........................................
610,000
771,992
St.
Cloud
Independent
School
District
No.
742
,
COP,
2017
A,
4%,
2/01/38
...........................................
1,000,000
1,062,364
GO,
2015
A,
4%,
2/01/28
............................................
2,080,000
2,292,177
GO,
2017
B,
4%,
2/01/30
............................................
4,060,000
4,566,021
GO,
2017
B,
4%,
2/01/36
............................................
2,500,000
2,787,522
GO,
2017
B,
4%,
2/01/37
............................................
2,250,000
2,505,821
St.
Francis
Independent
School
District
No.
15
,
GO,
2018
A,
4%,
2/01/37
............................................
1,025,000
1,060,573
GO,
2018
A,
3.5%,
2/01/41
...........................................
6,350,000
6,514,673
St.
Michael-Albertville
Independent
School
District
No.
885
,
GO
,
2011
A
,
Refunding
,
4.25
%
,
2/01/32
...................................................
10,295,000
10,363,603
St.
Paul
Independent
School
District
No.
625
,
GO
,
2013
B
,
Refunding
,
5
%
,
2/01/24
..
2,925,000
3,085,564
St.
Paul
Port
Authority
,
Revenue,
2021-2,
4%,
10/01/40
.......................................
1,100,000
1,207,963
District
Energy
St.
Paul
Obligated
Group,
Revenue,
2021-1,
Refunding,
3%,
10/01/34
300,000
317,616
District
Energy
St.
Paul
Obligated
Group,
Revenue,
2021-1,
Refunding,
4%,
10/01/41
675,000
749,024
State
of
Minnesota
,
COP,
2014,
5%,
6/01/36
.............................................
3,615,000
3,982,433
GO,
2013
F,
Refunding,
4%,
10/01/25
..................................
15,000,000
15,991,535
GO,
2016
A,
5%,
8/01/28
............................................
4,215,000
5,047,461
GO,
2018
A,
5%,
8/01/31
............................................
5,000,000
6,325,999
GO,
2019
A,
5%,
8/01/29
............................................
10,000,000
13,011,222
GO,
2019
A,
5%,
8/01/38
............................................
3,540,000
4,540,927
Revenue,
2012
B,
Refunding,
4%,
3/01/26
...............................
3,000,000
3,027,231
Revenue,
2012
B,
Refunding,
3%,
3/01/30
...............................
5,000,000
5,026,483
Revenue,
2014
A,
5%,
6/01/38
........................................
8,500,000
9,048,005
b
Stearns
County
Housing
&
Redevelopment
Authority
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
2/01/61
......................................................
1,105,000
1,120,701
University
of
Minnesota
,
Revenue,
2014
B,
5%,
1/01/38
........................................
4,500,000
4,887,088
Revenue,
2015
A,
Refunding,
5%,
8/01/25
...............................
5,000,000
5,817,401
Revenue,
2015
A,
Refunding,
5%,
8/01/28
...............................
7,225,000
8,368,564
Revenue,
2016
A,
5%,
4/01/41
........................................
5,000,000
5,842,786
Revenue,
2017
A,
5%,
9/01/42
........................................
4,410,000
5,370,395
Revenue,
2017
B,
Refunding,
5%,
12/01/30
..............................
5,575,000
6,938,743
Revenue,
2019
A,
5%,
4/01/39
........................................
1,805,000
2,271,369
Revenue,
2019
A,
5%,
4/01/41
........................................
6,045,000
7,581,049
Revenue,
2019
A,
5%,
4/01/44
........................................
8,505,000
10,607,250
Revenue,
2020
A,
5%,
11/01/39
.......................................
5,880,000
7,691,711
Virginia
Independent
School
District
No.
706
,
Rock
Ridge
Independent
School
District
No.
2909,
GO,
2019
A,
5%,
2/01/30
.....
3,600,000
4,460,983
Rock
Ridge
Independent
School
District
No.
2909,
GO,
2019
A,
3%,
2/01/40
.....
3,295,000
3,551,255
Watertown-Mayer
Independent
School
District
No.
111
,
GO,
2020
A,
Zero
Cpn
.,
2/01/33
.......................................
2,470,000
1,990,689
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
139
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Watertown-Mayer
Independent
School
District
No.
111,
(continued)
GO,
2020
A,
Zero
Cpn
.,
2/01/34
.......................................
$
2,470,000
$
1,929,727
GO,
2020
A,
Zero
Cpn
.,
2/01/36
.......................................
1,470,000
1,076,707
GO,
2020
A,
Zero
Cpn
.,
2/01/37
.......................................
2,470,000
1,748,126
Waterville-Elysian-Morristown
Independent
School
District
No.
2143
,
GO
,
2019
A
,
3
%
,
2/01/32
.........................................................
1,995,000
2,148,193
West
St.
Paul-Mendota
Heights-Eagan
Independent
School
District
No.
197
,
GO
,
2018
A
,
4
%
,
2/01/34
....................................................
2,655,000
3,047,557
Western
Minnesota
Municipal
Power
Agency
,
Revenue,
2012
A,
Refunding,
5%,
1/01/24
...............................
5,000,000
5,253,071
Revenue,
2012
A,
Refunding,
5%,
1/01/25
...............................
3,370,000
3,539,062
Revenue,
2012
A,
Refunding,
5%,
1/01/29
...............................
1,200,000
1,259,262
Revenue,
2014
A,
Pre-Refunded,
5%,
1/01/40
............................
8,075,000
8,864,875
Revenue,
2014
A,
Pre-Refunded,
5%,
1/01/46
............................
11,870,000
13,031,091
Revenue,
2015
A,
Refunding,
5%,
1/01/35
...............................
3,000,000
3,484,707
Revenue,
2015
A,
Refunding,
5%,
1/01/36
...............................
2,035,000
2,360,247
Revenue,
2018
A,
5%,
1/01/49
........................................
5,000,000
6,083,252
Zumbro
Education
District
,
COP,
2021
A,
4%,
2/01/32
...........................................
200,000
236,071
COP,
2021
A,
4%,
2/01/33
...........................................
150,000
176,827
COP,
2021
A,
4%,
2/01/34
...........................................
125,000
147,087
COP,
2021
A,
2.125%,
2/01/35
........................................
325,000
323,413
COP,
2021
A,
4%,
2/01/38
...........................................
390,000
455,117
COP,
2021
A,
4%,
2/01/41
...........................................
635,000
735,217
1,059,542,383
New
Jersey
1.1%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2019
BB,
4%,
6/15/50
.......................................
545,000
607,736
Revenue,
2021
A,
Refunding,
5%,
6/15/32
...............................
4,250,000
5,531,498
Revenue,
2021
A,
Refunding,
5%,
6/15/33
...............................
1,250,000
1,621,205
Revenue,
2021
A,
Refunding,
4%,
6/15/34
...............................
1,500,000
1,772,028
Revenue,
2021
A,
Refunding,
4%,
6/15/36
...............................
1,000,000
1,174,717
State
of
New
Jersey
,
GO
,
2020
A
,
5
%
,
6/01/28
.............................
2,100,000
2,609,748
13,316,932
New
York
0.4%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/46
..........
4,000,000
4,579,683
Texas
0.1%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/34
200,000
209,879
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
4%,
9/01/35
225,000
262,978
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
4%,
9/01/36
250,000
291,611
764,468
Washington
0.2%
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/44
.............................
1,500,000
1,843,927
Wisconsin
0.7%
c
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
.................................
7,500,000
7,500,000
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
140
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
1.2%
Puerto
Rico
1.2%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
$
1,800,000
$
1,952,042
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
775,000
836,592
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/32
...................
2,890,000
3,203,708
Revenue,
CC,
Refunding,
AGMC
Insured,
5.5%,
7/01/31
....................
1,500,000
1,687,924
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
1,675,000
1,819,998
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
3,575,000
3,898,183
13,398,447
Total
U.S.
Territories
....................................................................
13,398,447
Total
Municipal
Bonds
(Cost
$1,055,644,365)
...................................
1,122,742,432
a
a
a
a
Short
Term
Investments
2.2%
Municipal
Bonds
2.2%
Minnesota
2.2%
d
City
of
Minneapolis
St.
Paul
Housing
&
Redevelopment
Authority
,
Allina
Health
Obligated
Group
,
Revenue
,
B-2
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.04
%
,
11/15/35
...............................................
25,365,000
25,365,000
Total
Municipal
Bonds
(Cost
$25,365,000)
......................................
25,365,000
Total
Short
Term
Investments
(Cost
$25,365,000
)
................................
25,365,000
a
Total
Investments
(Cost
$1,081,009,365)
99.9%
..................................
$1,148,107,432
Other
Assets,
less
Liabilities
0.1%
.............................................
1,057,160
Net
Assets
100.0%
...........................................................
$1,149,164,592
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Security
purchased
on
a
when-issued
basis.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
value
of
this
security
was
$7,500,000,
representing
0.7%
of
net
assets.
d
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
Missouri
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
141
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.1%
California
0.6%
Santa
Barbara
Secondary
High
School
District
,
GO
,
2011
A
,
Zero
Cpn
.,
8/01/40
....
$
1,790,000
$
1,135,098
Solano
County
Community
College
District
,
GO
,
E
,
2.625
%
,
8/01/50
.............
5,000,000
5,096,442
6,231,540
Florida
0.5%
Capital
Trust
Agency,
Inc.
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
................
5,544,000
5,556,640
Illinois
0.6%
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
4,000,000
4,679,776
GO,
2020,
5.5%,
5/01/30
............................................
1,000,000
1,306,768
5,986,544
Missouri
91.9%
Affton
School
District
No.
101
,
GO,
2017
A,
Refunding,
5%,
3/01/32
...................................
1,500,000
1,817,646
GO,
2017
A,
Refunding,
5%,
3/01/33
...................................
1,595,000
1,931,310
GO,
2017
A,
Refunding,
5%,
3/01/34
...................................
1,700,000
2,058,070
GO,
2017
A,
Refunding,
5%,
3/01/35
...................................
1,810,000
2,186,473
GO,
2017
A,
Refunding,
5%,
3/01/36
...................................
1,920,000
2,315,735
Belton
School
District
No.
124
,
GO,
2020
A,
4%,
3/01/39
............................................
1,500,000
1,806,121
GO,
2020
A,
4%,
3/01/40
............................................
1,200,000
1,442,518
Bi-State
Development
Agency
of
the
Missouri-Illinois
Metropolitan
District
,
Revenue,
2013
A,
Pre-Refunded,
5%,
10/01/44
...........................
10,000,000
10,401,000
Revenue,
2019,
Refunding,
4%,
10/01/34
................................
830,000
994,270
Revenue,
2019,
Refunding,
5%,
10/01/44
................................
10,995,000
13,676,103
Revenue,
2019,
Refunding,
4%,
10/01/48
................................
10,000,000
11,550,193
Cape
Girardeau
County
Industrial
Development
Authority
,
Procter
&
Gamble
Co.
(The),
Revenue,
1998,
5.3%,
5/15/28
..................
6,875,000
6,901,359
SoutheastHEALTH
Obligated
Group,
Revenue,
2021,
4%,
3/01/41
.............
3,285,000
3,757,221
SoutheastHEALTH
Obligated
Group,
Revenue,
2021,
3%,
3/01/46
.............
3,000,000
3,086,405
SoutheastHEALTH
Obligated
Group,
Revenue,
2021,
4%,
3/01/46
.............
5,230,000
5,917,084
St.
Francis
Obligated
Group,
Revenue,
2013
A,
Refunding,
5%,
6/01/33
.........
5,000,000
5,118,006
St.
Francis
Obligated
Group,
Revenue,
2013
A,
Refunding,
5%,
6/01/37
.........
11,000,000
11,259,612
St.
Francis
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
6/01/39
..........
5,110,000
5,927,511
Cape
Girardeau
County
School
District
No.
R-2
,
GO,
2018,
4%,
3/01/32
.............................................
1,000,000
1,174,395
GO,
2018,
4%,
3/01/33
.............................................
1,000,000
1,170,053
GO,
2018,
5%,
3/01/38
.............................................
2,195,000
2,693,036
Cape
Girardeau
School
District
No.
63
,
GO,
2019,
Refunding,
4%,
3/01/38
.....................................
650,000
748,106
GO,
2019,
Refunding,
4%,
3/01/39
.....................................
500,000
574,721
City
of
Bridgeton
,
Sales
Tax,
Revenue,
2021
A,
Refunding,
2%,
12/01/32
......................
500,000
492,515
Sales
Tax,
Revenue,
2021
A,
Refunding,
2.125%,
12/01/33
..................
1,170,000
1,167,441
City
of
Kansas
City
,
Revenue,
2021
A,
5%,
4/01/40
........................................
1,250,000
1,603,640
Revenue,
2021
A,
5%,
4/01/41
........................................
1,200,000
1,537,015
Sanitary
Sewer
System,
Revenue,
2018
A,
4%,
1/01/35
.....................
1,500,000
1,754,558
Sanitary
Sewer
System,
Revenue,
2018
A,
4%,
1/01/42
.....................
5,000,000
5,837,322
Water,
Revenue,
2017
A,
4%,
12/01/41
.................................
4,970,000
5,690,388
Water,
Revenue,
2020
A,
4%,
12/01/38
.................................
600,000
735,599
Water,
Revenue,
2020
A,
4%,
12/01/39
.................................
700,000
857,732
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
142
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
City
of
Kansas
City,
(continued)
Water,
Revenue,
2020
A,
4%,
12/01/40
.................................
$
500,000
$
611,577
Water,
Revenue,
2020
A,
4%,
12/01/41
.................................
550,000
671,131
Water,
Revenue,
2020
A,
4%,
12/01/42
.................................
685,000
833,693
Water,
Revenue,
2020
A,
4%,
12/01/44
.................................
1,200,000
1,454,395
City
of
Marshfield
,
Waterworks
&
Sewer
System,
Revenue,
2020
B,
AGMC
Insured,
5%,
2/01/43
....
1,305,000
1,558,798
Waterworks
&
Sewer
System,
Revenue,
2020
B,
AGMC
Insured,
5%,
2/01/50
....
1,585,000
1,852,407
City
of
Peculiar
,
Water
&
Sewer,
Revenue,
2017,
AGMC
Insured,
4%,
6/01/39
.................
1,000,000
1,140,294
Water
&
Sewer,
Revenue,
2017,
AGMC
Insured,
4%,
6/01/42
.................
2,405,000
2,745,511
City
of
Sikeston
,
Electric
System
,
Revenue
,
2012
,
Refunding
,
5
%
,
6/01/22
........
12,570,000
12,864,110
City
of
Springfield
,
Revenue,
2012,
5%,
4/01/31
.........................................
1,795,000
1,822,677
Revenue,
2012,
5%,
4/01/32
.........................................
1,885,000
1,914,001
City
of
St.
Charles
,
COP,
2020
B,
Refunding,
3%,
2/01/38
..................................
2,200,000
2,391,178
COP,
2020
B,
Refunding,
3%,
2/01/39
..................................
1,500,000
1,625,728
City
of
St.
Louis
,
Airport,
Revenue,
2005,
Refunding,
NATL
Insured,
5.5%,
7/01/29
..............
13,070,000
17,161,374
Airport,
Revenue,
2017
A,
Refunding,
AGMC
Insured,
5%,
7/01/25
.............
5,000,000
5,787,481
Airport,
Revenue,
2017
C,
Refunding,
AGMC
Insured,
5%,
7/01/42
.............
3,930,000
4,759,439
Airport,
Revenue,
2017
C,
Refunding,
AGMC
Insured,
5%,
7/01/47
.............
10,670,000
12,915,330
Airport,
Revenue,
2017
D,
Refunding,
AGMC
Insured,
5%,
7/01/33
.............
1,000,000
1,205,322
Airport,
Revenue,
2017
D,
Refunding,
AGMC
Insured,
5%,
7/01/34
.............
1,415,000
1,703,305
Airport,
Revenue,
2017
D,
Refunding,
AGMC
Insured,
5%,
7/01/36
.............
1,125,000
1,350,888
Airport,
Revenue,
2017
D,
Refunding,
AGMC
Insured,
5%,
7/01/37
.............
1,000,000
1,198,381
Airport,
Revenue,
2019
A,
5%,
7/01/49
..................................
2,500,000
3,071,082
Airport,
Revenue,
2019
C,
Refunding,
5%,
7/01/27
.........................
1,705,000
2,089,645
Clay
County
Reorganized
School
District
No.
R-1
,
GO,
2017,
3%,
3/01/34
.............................................
1,670,000
1,746,208
GO,
2017,
3%,
3/01/35
.............................................
1,730,000
1,807,483
GO,
2017,
3%,
3/01/36
.............................................
1,540,000
1,607,325
GO,
2017,
3.125%,
3/01/37
..........................................
1,855,000
1,941,578
Community
College
District
of
Central
Southwest
Missouri
,
COP,
2021,
3%,
3/01/40
.............................................
575,000
617,750
COP,
2021,
3%,
3/01/41
.............................................
400,000
428,875
County
of
St.
Louis
,
Revenue
,
2020
A
,
Refunding
,
2
%
,
12/01/33
................
975,000
994,493
Ferguson
Reorganized
School
District
No.
R-2
,
GO,
2018,
4%,
5/01/32
.............................................
1,000,000
1,147,596
GO,
2018,
5%,
5/01/38
.............................................
2,250,000
2,705,108
Fort
Osage
School
District
No.
R-1
,
GO
,
2018
,
Refunding
,
5.5
%
,
3/01/38
.........
3,010,000
3,812,223
Greene
County
Reorganized
School
District
No.
R-2
Willard
,
GO
,
2018
,
4
%
,
3/01/30
.
1,000,000
1,158,707
Hanley
Road
Corridor
Transportation
Development
District
,
Revenue,
2020,
Refunding,
1.625%,
10/01/33
............................
800,000
802,179
Revenue,
2020,
Refunding,
2%,
10/01/39
................................
900,000
909,008
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
AT
Still
University
of
Health
Sciences,
Revenue,
2014,
Pre-Refunded,
5%,
10/01/39
1,250,000
1,358,706
Bethesda
Health
Group,
Inc.
Obligated
Group,
Revenue,
2015,
5%,
8/01/40
......
1,650,000
1,798,863
Bethesda
Health
Group,
Inc.
Obligated
Group,
Revenue,
2015,
5%,
8/01/45
......
1,300,000
1,404,168
Bethesda
Health
Group,
Inc.
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
8/01/30
........................................................
300,000
360,177
Bethesda
Health
Group,
Inc.
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
8/01/36
........................................................
2,075,000
2,460,019
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
143
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri,
(continued)
Bethesda
Health
Group,
Inc.
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
8/01/41
........................................................
$
2,240,000
$
2,618,982
BJC
Healthcare
Obligated
Group,
Revenue,
2014,
5%,
1/01/44
...............
8,175,000
8,913,776
BJC
Healthcare
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
7/01/46
.....
5,000,000
5,907,754
BJC
Healthcare
Obligated
Group,
Revenue,
2021
A,
Refunding,
3%,
7/01/51
.....
5,000,000
5,333,540
Capital
Region
Medical
Center,
Revenue,
2020,
Refunding,
5%,
11/01/35
........
1,700,000
2,152,428
Capital
Region
Medical
Center,
Revenue,
2020,
Refunding,
5%,
11/01/40
........
2,000,000
2,499,300
CoxHealth
Obligated
Group,
Revenue,
2013
A,
5%,
11/15/38
.................
11,680,000
12,654,678
CoxHealth
Obligated
Group,
Revenue,
2013
A,
5%,
11/15/44
.................
2,760,000
2,987,506
CoxHealth
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
11/15/39
........
17,000,000
19,615,552
CoxHealth
Obligated
Group,
Revenue,
2019
A,
4%,
11/15/44
.................
5,000,000
5,739,423
Kansas
City
University
of
Medicine
and
Biosciences,
Revenue,
2017
A,
5%,
6/01/42
2,800,000
3,360,883
Kansas
City
University
of
Medicine
and
Biosciences,
Revenue,
2017
A,
5%,
6/01/47
4,875,000
5,794,341
Lake
Regional
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
2/15/40
........................................................
2,060,000
2,218,773
Lake
Regional
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
2/15/41
........................................................
2,120,000
2,277,459
Lake
Regional
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
2/15/46
........................................................
5,590,000
5,910,202
Lake
Regional
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
2/15/51
........................................................
2,125,000
2,442,886
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2016
A,
5%,
2/01/46
.......
4,000,000
4,456,690
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2016
B,
Refunding,
5%,
2/01/46
........................................................
11,575,000
12,896,546
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2019
A,
5%,
2/01/34
.......
2,000,000
2,224,985
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2019
A,
5%,
2/01/42
.......
1,750,000
1,934,422
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2019
C,
Refunding,
4%,
2/01/48
........................................................
485,000
542,217
Maryville
University
of
St.
Louis,
Revenue,
2015,
5%,
6/15/44
.................
5,000,000
5,539,344
Maryville
University
of
St.
Louis,
Revenue,
2019
A,
5%,
6/15/45
...............
4,000,000
4,761,141
Maryville
University
of
St.
Louis,
Revenue,
2020
A,
Refunding,
4%,
6/15/34
......
4,345,000
5,023,218
Maryville
University
of
St.
Louis,
Revenue,
2020
A,
Refunding,
4%,
6/15/38
......
4,885,000
5,608,113
Mercy
Health,
Revenue,
2012,
4%,
11/15/42
.............................
8,000,000
8,227,658
Mercy
Health,
Revenue,
2014
F,
5%,
11/15/45
............................
25,000,000
28,007,507
Mercy
Health,
Revenue,
2015
B,
Refunding,
5%,
2/01/45
....................
6,870,000
7,655,757
Mercy
Health,
Revenue,
2017
C,
Refunding,
5%,
11/15/47
...................
12,500,000
15,084,072
Mosaic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
2/15/54
4,000,000
4,518,893
SSM
Health
Care
Obligated
Group,
Revenue,
2018
A,
5%,
6/01/48
............
5,000,000
6,061,259
St.
Louis
University,
Revenue,
2015
A,
5%,
10/01/38
.......................
10,000,000
11,586,587
St.
Louis
University,
Revenue,
2017
A,
5%,
10/01/47
.......................
15,000,000
17,864,820
St.
Louis
University,
Revenue,
2019
A,
5%,
10/01/46
.......................
5,775,000
7,098,088
St.
Luke's
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/35
3,950,000
4,618,423
St.
Luke's
Health
System
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
11/15/43
.......................................................
2,000,000
2,432,203
St.
Luke's
Health
System
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/50
2,500,000
2,896,872
University
of
Central
Missouri,
Revenue,
2013
C-2,
5%,
10/01/34
..............
5,000,000
5,412,518
Jackson
County
School
District
No.
R-IV
Blue
Springs
,
GO,
2018
A,
5.5%,
3/01/36
...........................................
3,000,000
3,909,182
GO,
2018
A,
5.5%,
3/01/37
...........................................
2,000,000
2,604,443
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
144
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Jefferson
City
School
District
,
GO
,
2018
,
5
%
,
3/01/38
........................
$
6,070,000
$
7,261,049
Jefferson
County
Consolidated
School
District
No.
6
,
GO
,
2021
A
,
3
%
,
3/01/41
.....
1,000,000
1,085,528
Joplin
Industrial
Development
Authority
,
Freeman
Health
System
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
2/15/35
.................................
4,000,000
4,380,650
Joplin
Schools
,
GO
,
2017
,
Refunding
,
4
%
,
3/01/32
..........................
4,000,000
4,622,265
Kansas
City
Industrial
Development
Authority
,
Revenue,
2011
A,
Refunding,
5.5%,
9/01/29
..............................
5,000,000
5,021,421
Revenue,
2011
A,
Refunding,
5.5%,
9/01/30
..............................
12,000,000
12,052,007
Revenue,
2011
A,
Refunding,
5%,
9/01/32
...............................
3,000,000
3,011,918
Airport,
Revenue,
2020
A,
AGMC
Insured,
4%,
3/01/50
......................
5,000,000
5,728,061
City
of
Kansas
City
Airport,
Revenue,
2019
B,
5%,
3/01/46
...................
19,425,000
23,561,773
City
of
Kansas
City
Airport,
Revenue,
2019
B,
AGMC
Insured,
5%,
3/01/49
.......
3,000,000
3,634,288
City
of
Kansas
City
Airport,
Revenue,
2019
B,
5%,
3/01/54
...................
10,090,000
12,127,725
City
of
Kansas
City
Airport,
Revenue,
2020
A,
AGMC
Insured,
4%,
3/01/57
.......
5,900,000
6,719,292
City
of
Kansas
City
Airport,
Revenue,
2020
A,
AGMC
Insured,
5%,
3/01/57
.......
100,000
122,166
Liberty
Public
School
District
No.
53
,
GO
,
2018
,
4
%
,
3/01/37
...................
4,500,000
5,013,702
Metropolitan
St.
Louis
Sewer
District
,
Revenue,
2015
B,
Pre-Refunded,
5%,
5/01/45
............................
1,610,000
1,853,706
Revenue,
2015
B,
Refunding,
5%,
5/01/45
...............................
3,390,000
3,847,779
Revenue,
2016
C,
Refunding,
5%,
5/01/46
...............................
24,700,000
29,497,108
Revenue,
2017
A,
Refunding,
5%,
5/01/42
...............................
5,000,000
6,004,261
Revenue,
2017
A,
Refunding,
5%,
5/01/47
...............................
10,000,000
11,956,136
Revenue,
2019
B,
5%,
5/01/44
........................................
3,500,000
4,399,680
Revenue,
2019
B,
5%,
5/01/49
........................................
6,290,000
7,860,772
Revenue,
2020
B,
5%,
5/01/48
........................................
2,625,000
3,343,196
Missouri
Development
Finance
Board
,
City
of
Independence,
Revenue,
2012
A,
5%,
6/01/37
.......................
5,000,000
5,112,037
City
of
Independence,
Revenue,
2021,
Refunding,
4%,
3/01/36
...............
1,140,000
1,319,887
City
of
Independence,
Revenue,
2021,
Refunding,
4%,
3/01/37
...............
500,000
577,064
City
of
Independence,
Revenue,
2021,
Refunding,
4%,
3/01/41
...............
515,000
588,570
City
of
Independence,
Revenue,
2021,
Refunding,
3%,
3/01/46
...............
2,640,000
2,696,422
City
of
Independence,
Revenue,
2021,
Refunding,
4%,
3/01/51
...............
7,945,000
8,921,189
Procter
&
Gamble
Co.
(The),
Revenue,
1999,
5.2%,
3/15/29
..................
3,000,000
3,775,189
Missouri
Housing
Development
Commission
,
Revenue,
2018
B,
GNMA
Insured,
4%,
11/01/38
...........................
1,000,000
1,087,153
Revenue,
2019
C,
GNMA
Insured,
3%,
11/01/44
...........................
3,560,000
3,725,148
Revenue,
2020
C,
GNMA
Insured,
2.4%,
11/01/45
.........................
2,195,000
2,229,556
Revenue,
2020
D,
GNMA
Insured,
2.55%,
11/01/50
........................
5,285,000
5,389,573
Revenue,
2021
A,
GNMA
Insured,
2.4%,
11/01/51
.........................
2,780,000
2,748,893
Revenue,
2021
B,
GNMA
Insured,
2.2%,
11/01/46
.........................
3,750,000
3,653,687
Revenue,
2021
B,
GNMA
Insured,
2.3%,
11/01/51
.........................
5,100,000
4,988,376
Revenue,
2021
C,
GNMA
Insured,
2.55%,
11/01/46
........................
4,840,000
4,891,474
Revenue,
2021
C,
GNMA
Insured,
2.625%,
11/01/51
.......................
2,500,000
2,518,227
Missouri
Joint
Municipal
Electric
Utility
Commission
,
Revenue,
2014
A,
Refunding,
5%,
1/01/31
...............................
2,000,000
2,187,514
Revenue,
2014
A,
Refunding,
5%,
1/01/32
...............................
1,500,000
1,640,230
Revenue,
2014
A,
Refunding,
5%,
1/01/32
...............................
10,000,000
11,272,603
Revenue,
2014
A,
Refunding,
5%,
1/01/33
...............................
7,500,000
8,457,689
Revenue,
2014
A,
Refunding,
5%,
1/01/34
...............................
2,000,000
2,186,119
Revenue,
2015
A,
Refunding,
5%,
12/01/30
..............................
4,000,000
4,607,794
Revenue,
2015
A,
Refunding,
5%,
12/01/31
..............................
6,000,000
6,908,594
Revenue,
2015
A,
Refunding,
5%,
12/01/35
..............................
7,335,000
8,433,172
Revenue,
2016
A,
Refunding,
5%,
12/01/40
..............................
27,950,000
32,953,218
Revenue,
2018,
5%,
12/01/43
........................................
2,000,000
2,388,266
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
145
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Missouri
State
Environmental
Improvement
&
Energy
Resources
Authority
,
Jefferson
County
Water
Authority
,
Revenue
,
2021
A
,
4
%
,
7/01/41
.....................
$
1,250,000
$
1,432,813
Monarch-Chesterfield
Levee
District
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
3/01/40
....
4,395,000
4,802,464
Move
Rolla
Transportation
Development
District
,
Revenue
,
2017
,
4.75
%
,
6/01/47
...
5,000,000
5,378,305
Normandy
Schools
Collaborative
,
GO,
2021
B,
2%,
3/01/40
............................................
2,050,000
2,041,605
GO,
2021
B,
2%,
3/01/41
............................................
1,700,000
1,681,785
Pattonville
R-3
School
District
,
GO,
2018
A,
5%,
3/01/37
............................................
2,750,000
3,219,692
GO,
2018
A,
5%,
3/01/38
............................................
1,000,000
1,169,234
Platte
County
Reorganized
School
District
No.
R-3
,
GO,
2021,
5.25%,
3/01/37
...........................................
2,435,000
3,298,858
GO,
2021,
5.25%,
3/01/38
...........................................
4,690,000
6,346,572
Raytown
C-2
School
District
,
GO,
2019
A,
5%,
3/01/38
............................................
2,500,000
3,136,376
GO,
2019
A,
5%,
3/01/39
............................................
2,250,000
2,816,202
Riverside-
Quindaro
Bend
Levee
District
of
Platte
County
,
Special
Assessment,
2017,
Refunding,
5%,
3/01/26
........................
1,000,000
1,139,389
Special
Assessment,
2017,
Refunding,
5%,
3/01/29
........................
2,585,000
2,960,284
Southeast
Missouri
State
University
,
Revenue,
2020,
Refunding,
4%,
4/01/40
.................................
5,075,000
5,784,624
Revenue,
2020,
Refunding,
4%,
4/01/43
.................................
2,580,000
2,921,905
Springfield
School
District
No.
R-12
,
GO,
2013,
Refunding,
5%,
3/01/33
.....................................
1,000,000
1,058,841
GO,
2019,
5%,
3/01/37
.............................................
24,250,000
30,564,843
St.
Charles
County
School
District
No.
R-IV
Wentzville
,
GO
,
2018
,
Refunding
,
4
%
,
3/01/38
.........................................................
15,400,000
17,724,367
St.
Charles
School
District
,
GO
,
2017
,
4
%
,
3/01/36
..........................
2,000,000
2,250,442
St.
Louis
County
Industrial
Development
Authority
,
Friendship
Village
of
West
County,
Revenue,
2012,
Pre-Refunded,
5%,
9/01/42
...
3,165,000
3,278,864
Friendship
Village
St.
Louis
Obligated
Group,
Revenue,
2013
A,
5.875%,
9/01/43
..
7,000,000
7,458,227
Friendship
Village
St.
Louis
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
9/01/48
........................................................
7,095,000
7,966,078
St.
Louis
Land
Clearance
for
Redevelopment
Authority
,
Revenue,
2021,
2.125%,
7/15/37
......................................
3,525,000
3,540,996
Revenue,
2021,
2.125%,
7/15/39
......................................
3,680,000
3,680,308
Revenue,
2021,
2.25%,
7/15/41
.......................................
3,845,000
3,868,972
Revenue,
2021
A,
Refunding,
2.125%,
4/01/39
............................
7,000,000
6,871,036
St.
Louis
Municipal
Finance
Corp.
,
City
of
St.
Louis
,
Revenue
,
2020
,
AGMC
Insured
,
5
%
,
10/01/45
.....................................................
5,000,000
6,227,404
St.
Louis
Municipal
Library
District
,
COP,
2020,
Refunding,
BAM
Insured,
4%,
3/15/44
.........................
1,450,000
1,660,236
COP,
2020,
Refunding,
BAM
Insured,
4%,
3/15/48
.........................
4,800,000
5,465,517
Washington
Industrial
Development
Authority
,
Revenue
,
2021
,
Refunding
,
2.5
%
,
11/01/29
........................................................
550,000
551,006
Washington
School
District
,
GO
,
2019
,
4
%
,
3/01/39
..........................
1,500,000
1,727,476
939,750,660
New
Jersey
0.2%
New
Jersey
Economic
Development
Authority
,
Revenue,
2021
QQQ,
4%,
6/15/40
.....................................
400,000
463,193
Revenue,
2021
QQQ,
4%,
6/15/41
.....................................
500,000
576,995
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
146
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/15/34
.........................................................
$
500,000
$
590,676
1,630,864
New
York
0.1%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/46
..........
1,000,000
1,144,921
Texas
0.1%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
2.5%,
9/01/41
........................................................
525,000
493,761
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/44
700,000
712,136
1,205,897
Wisconsin
0.6%
a
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
.................................
6,600,000
6,600,000
U.S.
Territories
3.5%
Guam
1.3%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
5,790,000
7,096,951
Guam
Power
Authority
,
Revenue
,
2012
A
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/25
.
5,420,000
5,619,873
12,716,824
Puerto
Rico
2.2%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,750,000
1,897,819
b
Revenue,
WW-RSA-1,
5.5%,
7/01/38
...................................
4,690,000
4,643,100
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
500,000
539,737
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/33
...................
1,000,000
1,092,594
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
...................
6,200,000
6,693,305
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
1,765,000
1,917,789
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
5,205,000
5,675,537
22,459,881
Total
U.S.
Territories
....................................................................
35,176,705
Total
Municipal
Bonds
(Cost
$939,200,444)
.....................................
1,003,283,771
a
a
a
a
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
147
See
Abbreviations
on
page
200
.
Short
Term
Investments
0.4%
a
a
Principal
Amount
a
Value
Municipal
Bonds
0.4%
Missouri
0.4%
c
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Washington
University
(The)
,
Revenue
,
2000
B
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.04
%
,
3/01/40
...................................................
$
4,400,000
$
4,400,000
Total
Municipal
Bonds
(Cost
$4,400,000)
.......................................
4,400,000
Total
Short
Term
Investments
(Cost
$4,400,000
)
.................................
4,400,000
a
Total
Investments
(Cost
$943,600,444)
98.5%
...................................
$1,007,683,771
Other
Assets,
less
Liabilities
1.5%
.............................................
15,133,065
Net
Assets
100.0%
...........................................................
$1,022,816,836
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
value
of
this
security
was
$6,600,000,
representing
0.6%
of
net
assets.
b
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
c
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
Municipal
Green
Bond
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
148
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
90.6%
Arizona
3.0%
Arizona
State
University
,
Revenue
,
2016
B
,
5
%
,
7/01/42
......................
$
150,000
$
177,601
City
of
Phoenix
Civic
Improvement
Corp.
,
Water
System
,
Revenue,
Junior
Lien
,
2020
B
,
5
%
,
7/01/44
....................................................
100,000
128,402
306,003
Arkansas
1.1%
Central
Arkansas
Water
,
Revenue
,
2020
C
,
Refunding
,
4
%
,
10/01/33
.............
100,000
115,403
California
20.2%
a
California
Community
Choice
Financing
Authority
,
Revenue
,
2021
B-1
,
Mandatory
Put
,
4
%
,
8/01/31
......................................................
150,000
181,786
California
Housing
Finance
Agency
,
Lakeside
Drive
Senior
Housing
LP
,
Revenue
,
2019
N
,
FNMA
Insured
,
2.35
%
,
12/01/35
....................................
96,969
100,000
California
Infrastructure
&
Economic
Development
Bank
,
a
California
Academy
of
Sciences,
Revenue,
2018
B,
Refunding,
Mandatory
Put,
0.4%,
8/01/24
........................................................
100,000
100,346
California
Science
Center
Foundation,
Revenue,
2021
B,
4%,
5/01/46
..........
100,000
117,839
California
State
Teachers'
Retirement
System,
Revenue,
2019,
5%,
8/01/49
......
180,000
222,994
b
California
Public
Finance
Authority
,
Kendal
at
Sonoma
Obligated
Group
,
Revenue
,
144A,
2021
B-3
,
Refunding
,
2.125
%
,
11/15/27
............................
50,000
50,462
City
of
Foster
City
,
GO
,
2020
,
4
%
,
8/01/32
.................................
100,000
116,032
City
of
San
Francisco
,
Public
Utilities
Commission
Water
,
Revenue
,
2020
A
,
4
%
,
11/01/50
.....................................................
100,000
119,405
Los
Angeles
County
Metropolitan
Transportation
Authority
,
Revenue
,
2019
A
,
5
%
,
7/01/44
.........................................................
150,000
187,088
Port
of
Los
Angeles
,
Revenue
,
2019
C-1
,
Refunding
,
5
%
,
8/01/25
...............
60,000
69,146
Sacramento
Municipal
Utility
District
,
Revenue
,
2020
H
,
5
%
,
8/15/30
.............
100,000
133,054
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO
,
2019
F-1
,
3
%
,
8/01/36
........
150,000
166,434
Southern
California
Public
Power
Authority
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/01/38
150,000
179,194
Three
Rivers
Levee
Improvement
Authority
,
Special
Tax
,
2021
A
,
Refunding
,
4
%
,
9/01/32
.........................................................
100,000
115,484
Transbay
Joint
Powers
Authority
,
Transbay
Redevelopment
Project
Tax
Increment
Re-
Development
Project
,
Tax
Allocation,
Senior
Lien
,
2020
A
,
5
%
,
10/01/34
.........
150,000
192,454
2,051,718
Colorado
3.6%
Board
of
Water
Commissioners
City
&
County
of
Denver
(The)
,
Revenue
,
2017
A
,
5
%
,
9/15/47
.........................................................
150,000
181,660
University
of
Colorado
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/01/27
...............
150,000
184,531
366,191
Connecticut
1.2%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Wesleyan
University
,
Revenue
,
I
,
4
%
,
7/01/31
.............................................
100,000
125,184
Florida
3.7%
Babcock
Ranch
Community
Independent
Special
District
,
Assessment
Area
3A
,
Special
Assessment
,
2020
,
2.5
%
,
5/01/25
.....................................
85,000
86,212
City
of
Tampa
,
Special
Assessment
,
2018
,
5
%
,
5/01/36
.......................
135,000
167,308
County
of
Palm
Beach
,
Water
&
Sewer
,
Revenue
,
2019
,
Refunding
,
4
%
,
10/01/31
...
100,000
121,372
374,892
Georgia
1.2%
Private
Colleges
&
Universities
Authority
,
Emory
University
,
Revenue
,
2019
B
,
Refunding
,
5
%
,
9/01/48
.............................................
100,000
125,399
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Municipal
Green
Bond
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
149
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
2.1%
Illinois
Finance
Authority
,
State
of
Illinois
Water
Revolving
Fund
-
Clean
Water
Program
,
Revenue
,
2020
,
4
%
,
7/01/37
.........................................
$
100,000
$
121,124
Village
of
Villa
Park
,
Garden
Station
Redevelopment
Area
,
Tax
Allocation
,
2021
,
Zero
Cpn
.,
12/31/38
....................................................
100,000
86,038
207,162
Louisiana
1.1%
Terrebonne
Levee
&
Conservation
District
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
6/01/40
100,000
114,240
Maine
2.8%
City
of
Portland
,
General
Airport
,
Revenue
,
2019
,
Refunding
,
4
%
,
1/01/35
.........
245,000
284,039
Maryland
1.1%
Washington
Suburban
Sanitary
Commission
,
Revenue,
Second
Series
,
2019
B
,
3
%
,
6/01/35
.........................................................
100,000
111,324
Massachusetts
1.0%
Massachusetts
Housing
Finance
Agency
,
Revenue
,
2019
C-1
,
2.65
%
,
12/01/34
.....
100,000
105,061
Michigan
1.1%
a
Michigan
Strategic
Fund
,
Graphic
Packaging
International
LLC
,
Revenue
,
2021
,
Mandatory
Put
,
4
%
,
10/01/26
.........................................
100,000
111,753
Minnesota
1.1%
City
of
Minneapolis
,
GO
,
2019
,
3
%
,
12/01/40
...............................
100,000
108,215
Mississippi
1.0%
b
Mississippi
Development
Bank
,
County
of
Jackson
,
Revenue
,
144A,
2021
,
3.625
%
,
11/01/36
........................................................
100,000
99,598
New
Jersey
4.4%
New
Jersey
Educational
Facilities
Authority
,
Stevens
Institute
of
Technology
,
Revenue
,
2020
A
,
5
%
,
7/01/32
................................................
225,000
286,057
Newark
Board
of
Education
,
GO
,
2021
,
Refunding
,
BAM
Insured
,
5
%
,
7/15/30
......
120,000
155,585
441,642
New
Mexico
1.2%
City
of
Santa
Fe
,
Wastewater
Utility
System
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
6/01/29
.........................................................
100,000
125,295
New
York
14.0%
Battery
Park
City
Authority
,
Revenue,
Senior
Lien
,
2019
A
,
5
%
,
11/01/49
..........
100,000
127,421
Metropolitan
Transportation
Authority
,
Revenue,
2017
B,
Refunding,
5%,
11/15/24
..............................
150,000
169,143
Revenue,
2017
B,
Refunding,
5%,
11/15/28
..............................
110,000
136,275
Revenue,
2020
A-1,
AGMC
Insured,
4%,
11/15/41
.........................
100,000
117,710
Dedicated
Tax
Fund,
Revenue,
2017
B-2,
Refunding,
4%,
11/15/32
............
160,000
184,207
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
2.5
%
,
11/15/36
.
100,000
102,919
New
York
State
Dormitory
Authority
,
Cornell
University
,
Revenue
,
2019
D
,
5
%
,
7/01/35
100,000
145,384
New
York
State
Housing
Finance
Agency
,
Revenue,
2019
N,
FNMA
Insured,
2.6%,
11/01/34
.........................
100,000
104,377
Revenue,
2019
P,
2%,
5/01/28
........................................
100,000
104,244
Trust
for
Cultural
Resources
of
The
City
of
New
York
(The)
,
Whitney
Museum
of
American
Art
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/31
......................
170,000
229,244
1,420,924
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Municipal
Green
Bond
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
150
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Dakota
1.0%
b
County
of
Grand
Forks
,
Red
River
Biorefinery
LLC
,
Revenue
,
144A,
2021
A
,
7
%
,
12/15/43
........................................................
$
100,000
$
101,008
Ohio
3.0%
American
Municipal
Power,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
2/15/29
........
100,000
126,609
State
of
Ohio
,
GO,
2019
A,
4%,
3/01/30
............................................
100,000
123,364
GO,
2020
B,
4%,
3/01/24
............................................
50,000
54,099
304,072
Oregon
1.9%
Port
of
Portland
,
Airport
,
Revenue
,
Twenty-Seven
A
,
5
%
,
7/01/36
................
150,000
189,881
Pennsylvania
2.6%
School
District
of
Philadelphia
(The)
,
GO,
2019
B,
5%,
9/01/29
............................................
100,000
127,009
GO,
2021
B,
5%,
9/01/31
............................................
100,000
131,674
258,683
Rhode
Island
2.2%
Rhode
Island
Housing
and
Mortgage
Finance
Corp.
,
Revenue
,
2019
1-B
,
FHA
Insured
,
2.75
%
,
10/01/34
...................................................
150,000
159,530
Rhode
Island
Infrastructure
Bank
,
City
of
East
Providence
,
Revenue
,
2020
A
,
4
%
,
10/01/27
........................................................
50,000
58,587
218,117
Utah
2.0%
City
of
Spanish
Fork
City
,
Sewer
,
Revenue
,
2020
,
BAM
Insured
,
5
%
,
9/01/26
.......
170,000
203,994
Vermont
2.3%
Vermont
Educational
&
Health
Buildings
Financing
Agency
,
University
of
Vermont
Health
Network
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
12/01/38
.............
195,000
227,901
Virginia
1.8%
City
of
Hampton
,
GO,
2020
A,
5%,
9/01/27
............................................
50,000
61,731
GO,
2020
A,
4%,
9/01/31
............................................
100,000
124,351
186,082
Washington
3.2%
Central
Puget
Sound
Regional
Transit
Authority
,
Sales
&
Rental
Car
Taxes,
Revenue,
2015
S-1,
Pre-Refunded,
5%,
11/01/27
.....
50,000
58,851
Sales
&
Rental
Car
Taxes,
Revenue,
2015
S-1,
Pre-Refunded,
5%,
11/01/32
.....
100,000
117,703
FYI
Properties
,
State
of
Washington
Consolidated
Technology
Services
,
Revenue
,
2019
,
Refunding
,
5
%
,
6/01/24
........................................
135,000
149,323
325,877
Wisconsin
3.8%
Milwaukee
Metropolitan
Sewerage
District
,
GO
,
2020
A
,
3
%
,
10/01/35
............
100,000
112,148
Public
Finance
Authority
,
RED
River
Valley
Alliance
LLC
,
Revenue
,
2021
,
4
%
,
9/30/51
250,000
275,835
387,983
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Municipal
Green
Bond
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
151
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
1.9%
District
of
Columbia
1.9%
District
of
Columbia
,
Water
&
Sewer
Authority
,
Revenue,
Sub.
Lien
,
2019
A
,
5
%
,
10/01/44
.....................................................
$
150,000
$
190,484
Total
Municipal
Bonds
(Cost
$8,933,186)
.......................................
9,188,125
a
a
a
a
a
Total
Investments
(Cost
$8,933,186)
90.6%
.....................................
$9,188,125
Other
Assets,
less
Liabilities
9.4%
.............................................
953,409
Net
Assets
100.0%
...........................................................
$10,141,534
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
aggregate
value
of
these
securities
was
$251,068,
representing
2.5%
of
net
assets.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
New
Jersey
Tax-Free
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
152
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.8%
Delaware
2.6%
Delaware
River
&
Bay
Authority
,
Revenue,
2012
A,
Refunding,
5%,
1/01/42
...............................
$
6,000,000
$
6,266,926
Revenue,
2019,
Refunding,
4%,
1/01/44
.................................
13,500,000
15,635,889
21,902,815
Florida
0.5%
Capital
Trust
Agency,
Inc.
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
................
4,536,000
4,546,342
New
Jersey
79.5%
Atlantic
County
Improvement
Authority
(The)
,
Stockton
University
,
Revenue
,
2021
A
,
AGMC
Insured
,
4
%
,
7/01/47
..........................................
1,000,000
1,182,030
Bergen
County
Improvement
Authority
(The)
,
Borough
of
Ridgefield,
Revenue,
2020,
4%,
10/15/42
.......................
5,205,000
6,300,432
County
of
Bergen,
Revenue,
2019,
4%,
10/15/37
..........................
3,600,000
4,315,095
County
of
Bergen,
Revenue,
2019,
4%,
10/15/38
..........................
3,745,000
4,481,389
County
of
Bergen,
Revenue,
2019,
4%,
10/15/39
..........................
3,000,000
3,583,223
County
of
Hudson
,
Hudson
County
Improvement
Authority
,
Revenue
,
2016
,
5
%
,
5/01/46
.........................................................
6,000,000
6,971,338
County
of
Middlesex
,
COP
,
1998
,
NATL
Insured
,
Zero
Cpn
.,
6/15/24
.............
1,000,000
983,187
Cumberland
County
Improvement
Authority
(The)
,
Revenue,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
9/01/39
.................
2,000,000
2,254,790
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/36
............
955,000
1,161,425
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/37
............
1,000,000
1,214,161
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/38
............
1,020,000
1,236,821
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/39
............
1,070,000
1,295,560
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/44
............
5,725,000
6,879,237
Essex
County
Improvement
Authority
,
Friends
of
TEAM
Academy
Charter
School
Obligated
Group,
Revenue,
2021,
4%,
6/15/38
........................................................
1,645,000
1,903,520
Friends
of
TEAM
Academy
Charter
School
Obligated
Group,
Revenue,
2021,
4%,
6/15/51
........................................................
2,700,000
3,053,225
Friends
of
TEAM
Academy
Charter
School
Obligated
Group,
Revenue,
2021,
4%,
6/15/56
........................................................
4,925,000
5,546,996
Gloucester
County
Improvement
Authority
(The)
,
Rowan
University,
Revenue,
2015
C,
AGMC
Insured,
4%,
7/01/42
.............
2,500,000
2,746,323
Rowan
University,
Revenue,
2015
C,
5%,
7/01/44
.........................
3,500,000
3,970,628
Rowan
University,
Revenue,
2019,
4%,
7/01/37
...........................
750,000
877,858
Rowan
University,
Revenue,
2019,
4%,
7/01/38
...........................
700,000
818,012
Rowan
University,
Revenue,
2019,
4%,
7/01/39
...........................
600,000
699,896
Rowan
University,
Revenue,
2019,
5%,
7/01/44
...........................
4,925,000
6,109,807
Rowan
University,
Revenue,
2019,
4%,
7/01/48
...........................
5,250,000
6,015,717
Hudson
County
Improvement
Authority
,
Revenue,
2019,
Refunding,
4%,
1/01/40
.................................
1,000,000
1,170,493
County
of
Hudson,
Revenue,
2020,
4%,
10/01/46
..........................
5,000,000
5,922,734
County
of
Hudson,
Revenue,
2020,
4%,
10/01/51
..........................
5,000,000
5,892,963
Mercer
County
Improvement
Authority
(The)
,
County
of
Mercer,
Revenue,
2019,
Refunding,
4%,
4/01/31
...................
1,545,000
1,845,617
County
of
Mercer,
Revenue,
2019,
Refunding,
4%,
4/01/33
...................
1,500,000
1,778,713
Monmouth
County
Improvement
Authority
(The)
,
Revenue,
2019
A,
4%,
8/01/32
........................................
300,000
364,642
Revenue,
2019
A,
4%,
8/01/33
........................................
350,000
424,733
Revenue,
2019
A,
4%,
8/01/34
........................................
525,000
635,948
Revenue,
2019
A,
4%,
8/01/35
........................................
525,000
634,183
Revenue,
2019
A,
4%,
8/01/36
........................................
500,000
602,931
Revenue,
2019
A,
4%,
8/01/37
........................................
275,000
330,934
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
153
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
Monmouth
County
Improvement
Authority
(The),
(continued)
Revenue,
2019
A,
4%,
8/01/38
........................................
$
225,000
$
270,139
Revenue,
2019
A,
4%,
8/01/39
........................................
400,000
479,374
Revenue,
2019
B,
4%,
12/01/34
.......................................
750,000
914,478
Revenue,
2019
B,
4%,
12/01/36
.......................................
750,000
910,810
Revenue,
2019
B,
4%,
12/01/37
.......................................
500,000
605,918
Revenue,
2019
B,
4%,
12/01/38
.......................................
750,000
906,698
Revenue,
2019
B,
4%,
12/01/39
.......................................
600,000
723,989
New
Brunswick
Parking
Authority
,
Revenue
,
2016
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/39
.........................................................
5,000,000
5,897,217
New
Jersey
Economic
Development
Authority
,
Revenue,
2021
QQQ,
4%,
6/15/39
.....................................
2,500,000
2,901,175
Revenue,
2021
QQQ,
4%,
6/15/46
.....................................
1,250,000
1,424,780
Revenue,
2021
QQQ,
4%,
6/15/50
.....................................
1,250,000
1,419,277
Lutheran
Social
Ministries
at
Crane's
Mill,
Inc.,
Revenue,
2018,
Refunding,
5%,
1/01/34
........................................................
1,500,000
1,715,034
Lutheran
Social
Ministries
at
Crane's
Mill,
Inc.,
Revenue,
2018,
Refunding,
5%,
1/01/39
........................................................
1,250,000
1,421,217
Lutheran
Social
Ministries
at
Crane's
Mill,
Inc.,
Revenue,
2018,
Refunding,
5%,
1/01/49
........................................................
3,000,000
3,383,067
Middlesex
Water
Co.,
Revenue,
2019,
4%,
8/01/59
........................
6,200,000
6,843,454
Middlesex
Water
Co.,
Revenue,
2019,
5%,
8/01/59
........................
3,750,000
4,485,834
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/32
..........
640,000
712,003
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/37
..........
600,000
661,496
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/47
..........
1,500,000
1,633,717
Provident
Group-Montclair
Properties
LLC,
Revenue,
2017,
Refunding,
AGMC
Insured,
5%,
6/01/42
..............................................
6,000,000
7,135,086
Provident
Group-Rowan
Properties
LLC,
Revenue,
A,
5%,
1/01/48
.............
7,000,000
7,237,694
Rutgers
The
State
University
of
New
Jersey,
Revenue,
2013,
Pre-Refunded,
5%,
6/15/38
........................................................
5,000,000
5,361,864
Rutgers
The
State
University
of
New
Jersey,
Revenue,
2013,
Pre-Refunded,
5%,
6/15/46
........................................................
7,500,000
8,042,795
State
of
New
Jersey
Cigarette
Tax,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
6/15/22
........................................................
10,000,000
10,257,053
State
of
New
Jersey
Cigarette
Tax,
Revenue,
2012,
Refunding,
5%,
6/15/28
......
3,000,000
3,070,528
State
of
New
Jersey
Cigarette
Tax,
Revenue,
2012,
Refunding,
5%,
6/15/29
......
1,000,000
1,023,308
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2005
N-1,
Refunding,
NATL
Insured,
5.5%,
9/01/27
........................................
8,660,000
10,852,610
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2015
WW,
5%,
6/15/37
4,760,000
5,426,803
New
Jersey
Educational
Facilities
Authority
,
Kean
University,
Revenue,
2015
H,
Refunding,
AGMC
Insured,
5%,
7/01/34
......
2,205,000
2,518,395
Kean
University,
Revenue,
2015
H,
Refunding,
AGMC
Insured,
5%,
7/01/35
......
5,000,000
5,710,234
Kean
University,
Revenue,
2017
D,
Refunding,
BAM
Insured,
4%,
9/01/38
.......
1,150,000
1,298,461
Montclair
State
University,
Inc.,
Revenue,
2014
A,
5%,
7/01/39
................
5,000,000
5,507,686
Montclair
State
University,
Inc.,
Revenue,
2014
A,
5%,
7/01/44
................
16,380,000
18,047,002
Montclair
State
University,
Inc.,
Revenue,
2015
D,
Refunding,
5%,
7/01/35
.......
2,245,000
2,563,895
Montclair
State
University,
Inc.,
Revenue,
2015
D,
Refunding,
5%,
7/01/36
.......
1,210,000
1,380,622
Montclair
State
University,
Inc.,
Revenue,
2016
B,
Refunding,
5%,
7/01/34
.......
1,325,000
1,553,733
Ramapo
College
of
New
Jersey,
Revenue,
2012
B,
Refunding,
5%,
7/01/37
......
1,000,000
1,024,315
Ramapo
College
of
New
Jersey,
Revenue,
2012
B,
Refunding,
5%,
7/01/42
......
1,000,000
1,024,442
Ramapo
College
of
New
Jersey,
Revenue,
2017
A,
Refunding,
AGMC
Insured,
5%,
7/01/35
........................................................
3,955,000
4,757,945
Seton
Hall
University,
Revenue,
2015
C,
Refunding,
5%,
7/01/34
..............
400,000
444,735
Seton
Hall
University,
Revenue,
2015
C,
Refunding,
5%,
7/01/37
..............
1,300,000
1,441,574
Seton
Hall
University,
Revenue,
2017
D,
Refunding,
5%,
7/01/42
..............
3,945,000
4,571,168
Seton
Hall
University,
Revenue,
2020
C,
AGMC
Insured,
3.25%,
7/01/49
........
1,150,000
1,226,594
Seton
Hall
University,
Revenue,
2020
C,
AGMC
Insured,
4%,
7/01/50
...........
1,850,000
2,112,175
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
154
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Educational
Facilities
Authority,
(continued)
Stevens
Institute
of
Technology,
Revenue,
1998-1,
ETM,
5%,
7/01/28
...........
$
540,000
$
624,351
Stevens
Institute
of
Technology,
Revenue,
2017
A,
Refunding,
5%,
7/01/36
......
1,600,000
1,892,840
Stevens
Institute
of
Technology,
Revenue,
2017
A,
Refunding,
5%,
7/01/42
......
9,310,000
10,911,225
Stevens
Institute
of
Technology,
Revenue,
2017
A,
Refunding,
5%,
7/01/47
......
4,085,000
4,756,797
Stevens
Institute
of
Technology,
Revenue,
2020
A,
5%,
7/01/45
...............
4,000,000
4,942,193
Stevens
Institute
of
Technology,
Revenue,
2020
A,
4%,
7/01/50
...............
11,640,000
13,309,161
Trustees
of
Princeton
University
(The),
Revenue,
2014
A,
5%,
7/01/44
..........
15,000,000
16,685,310
New
Jersey
Health
Care
Facilities
Financing
Authority
,
AHS
Hospital
Corp.,
Revenue,
2008
A,
5%,
7/01/27
........................
220,000
220,885
AHS
Hospital
Corp.,
Revenue,
2016,
Refunding,
4%,
7/01/41
.................
10,000,000
11,266,657
AtlantiCare
Health
System
Obligated
Group,
Revenue,
2021,
4%,
7/01/37
.......
750,000
909,834
AtlantiCare
Health
System
Obligated
Group,
Revenue,
2021,
3%,
7/01/46
.......
1,000,000
1,067,282
Hackensack
Meridian
Health
Obligated
Group,
Revenue,
2011,
Refunding,
5%,
7/01/27
........................................................
2,500,000
2,568,952
Hackensack
Meridian
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/37
........................................................
3,000,000
3,634,726
Hackensack
Meridian
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/38
........................................................
3,000,000
3,630,330
Hackensack
Meridian
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/39
........................................................
5,000,000
6,045,425
Hunterdon
Medical
Center
Obligated
Group,
Revenue,
2014
A,
Pre-Refunded,
5%,
7/01/45
........................................................
2,650,000
2,964,584
Inspira
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
......
18,500,000
21,714,240
Inspira
Health
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/42
...............
8,000,000
9,640,302
Inspira
Health
Obligated
Group,
Revenue,
2017
A,
4%,
7/01/47
...............
8,700,000
9,696,360
RWJ
Barnabas
Health
Obligated
Group,
Revenue,
2013
A,
5.5%,
7/01/43
.......
4,000,000
4,308,274
RWJ
Barnabas
Health
Obligated
Group,
Revenue,
2014
A,
5%,
7/01/43
.........
3,650,000
4,067,280
RWJ
Barnabas
Health
Obligated
Group,
Revenue,
2014
A,
Refunding,
5%,
7/01/44
15,530,000
17,241,856
RWJ
Barnabas
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/43
10,000,000
11,786,463
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2013,
Refunding,
5%,
8/15/31
....
2,935,000
3,138,594
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2013,
Refunding,
5%,
8/15/34
....
1,500,000
1,604,052
St.
Peter's
University
Hospital
Obligated
Group,
Revenue,
2011,
Refunding,
6%,
7/01/26
........................................................
1,000,000
1,003,268
St.
Peter's
University
Hospital
Obligated
Group,
Revenue,
2011,
Refunding,
6.25%,
7/01/35
........................................................
3,400,000
3,411,549
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/35
...........
1,000,000
1,179,678
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/36
...........
1,750,000
2,060,687
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/38
...........
2,000,000
2,346,521
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/39
...........
2,200,000
2,576,540
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/44
...........
11,000,000
12,719,983
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
2011-1,
5.875%,
12/01/33
....................................
2,140,000
2,142,501
Revenue,
2019
B,
Refunding,
3.25%,
12/01/39
............................
10,000,000
10,591,179
Revenue,
2020
C,
Refunding,
4.25%,
12/01/50
...........................
1,750,000
1,841,071
Revenue,
2021
B,
Refunding,
5%,
12/01/28
..............................
1,450,000
1,794,844
Revenue,
2021
B,
Refunding,
5%,
12/01/29
..............................
1,415,000
1,777,455
Revenue,
Senior
Lien,
2020
A,
Refunding,
3.5%,
12/01/39
...................
7,000,000
7,433,625
New
Jersey
Housing
&
Mortgage
Finance
Agency
,
Revenue,
2018
A,
Refunding,
3.95%,
11/01/43
............................
1,100,000
1,209,614
Revenue,
2019
A,
Refunding,
3%,
11/01/44
..............................
510,000
538,202
Revenue,
2019
C,
Refunding,
3.95%,
10/01/44
...........................
3,955,000
4,304,394
Revenue,
2020
E,
Refunding,
2.05%,
10/01/35
............................
4,445,000
4,478,440
Revenue,
2020
E,
Refunding,
2.25%,
10/01/40
............................
8,895,000
9,005,158
Revenue,
2020
E,
Refunding,
2.4%,
10/01/45
.............................
3,555,000
3,598,296
Revenue,
2020
E,
Refunding,
2.45%,
10/01/50
............................
2,665,000
2,693,588
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
155
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Institute
of
Technology
,
Revenue,
2012
A,
Pre-Refunded,
5%,
7/01/42
............................
$
2,140,000
$
2,199,227
Revenue,
2015
A,
5%,
7/01/45
........................................
6,000,000
6,844,553
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2006
C,
AGMC
Insured,
Zero
Cpn
.,
12/15/33
.....................
10,000,000
7,938,832
Revenue,
2009
A,
Zero
Cpn
.,
12/15/32
..................................
10,000,000
8,006,726
Revenue,
2010
A,
Zero
Cpn
.,
12/15/29
..................................
5,000,000
4,339,426
Revenue,
2013
AA,
5.25%,
6/15/31
....................................
10,000,000
10,706,615
Revenue,
2019
BB,
4%,
6/15/44
.......................................
6,000,000
6,729,422
Revenue,
2020
AA,
4%,
6/15/45
.......................................
9,700,000
11,071,100
Revenue,
2021
A,
Refunding,
4%,
6/15/35
...............................
2,000,000
2,355,731
Revenue,
2021
A,
Refunding,
4%,
6/15/36
...............................
2,000,000
2,349,433
New
Jersey
Turnpike
Authority
,
Revenue,
2017
A,
5%,
1/01/34
........................................
6,505,000
7,827,191
Revenue,
2017
A,
5%,
1/01/35
........................................
3,495,000
4,199,972
Revenue,
2017
B,
Refunding,
5%,
1/01/40
...............................
15,245,000
18,695,460
Revenue,
2017
G,
Refunding,
4%,
1/01/43
...............................
5,000,000
5,721,765
Revenue,
2019
A,
5%,
1/01/48
........................................
15,500,000
19,057,554
Revenue,
2021
A,
4%,
1/01/51
........................................
3,000,000
3,530,532
Newark
Board
of
Education
,
GO,
2021,
Refunding,
BAM
Insured,
3%,
7/15/39
..........................
700,000
754,991
GO,
2021,
Refunding,
BAM
Insured,
3%,
7/15/40
..........................
750,000
807,361
GO,
2021,
Refunding,
BAM
Insured,
3%,
7/15/41
..........................
750,000
805,277
GO,
2021,
Refunding,
BAM
Insured,
3%,
7/15/42
..........................
700,000
749,479
Newark
Housing
Authority
Scholarship
Foundation
A
New
Jersey
Non
Profit
Corp.
(The)
,
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
2017
,
Refunding
,
4
%
,
1/01/37
.........................................................
20,745,000
23,107,887
North
Hudson
Sewerage
Authority
,
COP,
Senior
Lien
,
2012
A
,
Pre-Refunded
,
5
%
,
6/01/42
.........................................................
1,005,000
1,029,230
Somerset
County
Improvement
Authority
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/50
..
10,115,000
12,007,354
South
Jersey
Transportation
Authority
,
Revenue
,
2020
A
,
5
%
,
11/01/45
...........
5,750,000
7,110,167
State
of
New
Jersey
,
GO,
2020
A,
4%,
6/01/31
............................................
2,300,000
2,831,313
GO,
2020
A,
3%,
6/01/32
............................................
3,400,000
3,875,902
GO,
2020
A,
4%,
6/01/32
............................................
2,200,000
2,737,172
666,829,193
New
York
5.8%
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
179,
5%,
12/01/38
.........................................
15,000,000
16,344,676
Revenue,
2014,
4%,
9/01/43
.........................................
3,000,000
3,480,738
Revenue,
2017,
4%,
11/01/49
........................................
9,000,000
10,492,663
Revenue,
Two
Hundred
Sixteenth,
4%,
9/01/45
...........................
5,000,000
5,839,708
Revenue,
First
Series,
171st,
5%,
7/15/30
...............................
12,200,000
12,269,599
48,427,384
Pennsylvania
7.6%
Delaware
River
Joint
Toll
Bridge
Commission
,
Revenue,
2017,
5%,
7/01/42
.........................................
19,500,000
23,404,887
Revenue,
2019
A,
5%,
7/01/33
........................................
100,000
127,484
Revenue,
2019
A,
5%,
7/01/34
........................................
150,000
190,526
Revenue,
2019
A,
5%,
7/01/35
........................................
150,000
189,880
Revenue,
2019
A,
5%,
7/01/36
........................................
150,000
189,419
Revenue,
2019
A,
5%,
7/01/37
........................................
150,000
188,798
Revenue,
2019
A,
5%,
7/01/38
........................................
150,000
188,500
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
156
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Delaware
River
Joint
Toll
Bridge
Commission,
(continued)
Revenue,
2019
A,
5%,
7/01/39
........................................
$
150,000
$
188,169
Revenue,
2019
A,
5%,
7/01/44
........................................
760,000
944,058
Revenue,
2019
B,
Refunding,
5%,
7/01/31
...............................
850,000
1,087,745
Revenue,
2019
B,
Refunding,
5%,
7/01/32
...............................
1,000,000
1,276,858
Delaware
River
Port
Authority
,
Revenue,
2013,
5%,
1/01/37
.........................................
10,000,000
10,901,522
Revenue,
2018
A,
5%,
1/01/37
........................................
3,285,000
4,103,952
Revenue,
2018
A,
5%,
1/01/38
........................................
5,050,000
6,299,567
Revenue,
2018
A,
5%,
1/01/39
........................................
2,300,000
2,864,358
Revenue,
2018
A,
5%,
1/01/40
........................................
9,565,000
11,895,224
64,040,947
Wisconsin
0.7%
a
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
.................................
5,500,000
5,500,000
U.S.
Territories
1.1%
Puerto
Rico
1.1%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,200,000
1,301,362
b
Revenue,
WW-RSA-1,
5.5%,
7/01/38
...................................
3,950,000
3,910,500
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
300,000
323,842
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
1,000,000
1,086,566
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
2,700,000
2,944,082
9,566,352
Total
U.S.
Territories
....................................................................
9,566,352
Total
Municipal
Bonds
(Cost
$760,908,395)
.....................................
820,813,033
a
a
a
a
Short
Term
Investments
0.2%
Municipal
Bonds
0.2%
New
Jersey
0.2%
c
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Virtua
Health
Obligated
Group,
Revenue,
2009
B,
LOC
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.02%,
7/01/43
.................................
900,000
900,000
Virtua
Health
Obligated
Group,
Revenue,
2009
C,
LOC
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.02%,
7/01/43
.................................
600,000
600,000
1,500,000
Total
Municipal
Bonds
(Cost
$1,500,000)
.......................................
1,500,000
Total
Short
Term
Investments
(Cost
$1,500,000
)
.................................
1,500,000
a
Total
Investments
(Cost
$762,408,395)
98.0%
...................................
$822,313,033
Other
Assets,
less
Liabilities
2.0%
.............................................
16,690,757
Net
Assets
100.0%
...........................................................
$839,003,790
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
157
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
value
of
this
security
was
$5,500,000,
representing
0.7%
of
net
assets.
b
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
c
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
North
Carolina
Tax-Free
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
158
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
95.2%
Alabama
0.6%
a
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2021
B
,
Mandatory
Put
,
4
%
,
12/01/31
.....................................................
$
4,500,000
$
5,418,989
Florida
0.5%
Capital
Trust
Agency,
Inc.
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
................
4,680,000
4,690,670
Illinois
1.2%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/15/50
..
500,000
601,853
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
2,750,000
3,217,346
GO,
2017
C,
5%,
11/01/29
...........................................
500,000
600,875
GO,
2017
D,
5%,
11/01/27
...........................................
2,000,000
2,420,273
GO,
2020
B,
5%,
10/01/29
...........................................
1,000,000
1,254,367
GO,
2021
A,
5%,
3/01/34
............................................
2,000,000
2,551,184
10,645,898
New
Jersey
1.1%
New
Jersey
Economic
Development
Authority
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/41
...
1,000,000
1,153,990
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2019
BB,
4%,
6/15/50
.......................................
500,000
557,556
Revenue,
2020
AA,
3%,
6/15/50
.......................................
500,000
518,318
Revenue,
2020
AA,
4%,
6/15/50
.......................................
1,000,000
1,135,421
Revenue,
2021
A,
Refunding,
5%,
6/15/31
...............................
4,000,000
5,222,009
State
of
New
Jersey
,
GO
,
2020
A
,
5
%
,
6/01/28
.............................
1,000,000
1,242,737
9,830,031
New
York
1.3%
Metropolitan
Transportation
Authority
,
Revenue,
2020
A-1,
4%,
11/15/53
.....................................
1,000,000
1,124,999
Revenue,
2021
A-1,
4%,
11/15/48
.....................................
6,675,000
7,627,057
Revenue,
2021
A-2,
4%,
11/15/41
.....................................
2,200,000
2,543,503
11,295,559
North
Carolina
87.7%
Cape
Fear
Public
Utility
Authority
,
Revenue,
2014
A,
Pre-Refunded,
5%,
6/01/40
............................
2,250,000
2,511,928
Revenue,
2019
A,
Refunding,
4%,
8/01/44
...............................
8,000,000
9,452,086
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
1/15/40
.......
20,000,000
23,231,102
Atrium
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
1/15/36
.......
5,000,000
6,264,745
City
of
Charlotte
,
COP,
2019
A,
Refunding,
5%,
6/01/44
..................................
8,250,000
10,433,737
COP,
2021
A,
Refunding,
5%,
6/01/24
..................................
1,025,000
1,143,778
Airport
Special
Facilities,
Revenue,
2019
A,
4%,
7/01/44
.....................
3,550,000
4,118,733
Airport
Special
Facilities,
Revenue,
2019
A,
5%,
7/01/49
.....................
4,460,000
5,553,984
Airport
Special
Facilities,
Revenue,
2019
B,
4%,
7/01/44
....................
5,515,000
6,335,174
Airport
Special
Facilities,
Revenue,
2021
A,
Refunding,
4%,
7/01/38
............
2,500,000
3,036,669
Airport
Special
Facilities,
Revenue,
2021
A,
Refunding,
4%,
7/01/39
............
3,000,000
3,635,984
Airport
Special
Facilities,
Revenue,
2021
A,
Refunding,
4%,
7/01/40
............
2,250,000
2,721,887
Airport
Special
Facilities,
Revenue,
2021
A,
Refunding,
4%,
7/01/41
............
2,200,000
2,654,726
Storm
Water,
Revenue,
2014,
Refunding,
5%,
12/01/39
.....................
7,970,000
9,010,578
Water
&
Sewer
System,
Revenue,
2015,
Refunding,
5%,
7/01/40
..............
10,000,000
11,561,342
Water
&
Sewer
System,
Revenue,
2018,
Refunding,
4%,
7/01/37
..............
5,000,000
5,910,121
Water
&
Sewer
System,
Revenue,
2020,
Refunding,
2%,
7/01/41
..............
500,000
499,377
Water
&
Sewer
System,
Revenue,
2020,
Refunding,
4%,
7/01/46
..............
6,000,000
7,173,268
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
159
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
City
of
Fayetteville
,
Public
Works
Commission
,
Revenue
,
2018
,
Refunding
,
4
%
,
3/01/41
$
4,015,000
$
4,677,087
City
of
Greensboro
,
GO
,
2018
B
,
5
%
,
10/01/29
.............................
5,000,000
6,347,593
City
of
Raleigh
,
GO,
2016
A,
Refunding,
5%,
9/01/26
...................................
5,000,000
6,038,825
Combined
Enterprise
System,
Revenue,
2016
A,
4%,
3/01/46
.................
5,000,000
5,708,040
Combined
Enterprise
System,
Revenue,
2016
B,
Refunding,
4%,
3/01/34
........
1,000,000
1,159,467
City
of
Salisbury
,
Combined
Enterprise
System
,
Revenue
,
2020
,
Refunding
,
5
%
,
2/01/45
.........................................................
1,000,000
1,263,685
City
of
Winston-Salem
,
Water
&
Sewer
System,
Revenue,
2014
A,
Pre-Refunded,
5%,
6/01/33
..........
2,350,000
2,623,569
Water
&
Sewer
System,
Revenue,
2016
A,
Refunding,
4%,
6/01/34
............
1,350,000
1,541,074
Water
&
Sewer
System,
Revenue,
2016
A,
Refunding,
4%,
6/01/37
............
5,000,000
5,683,398
Water
&
Sewer
System,
Revenue,
2017,
4%,
6/01/47
.......................
10,000,000
11,467,153
County
of
Buncombe
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/34
.................
3,000,000
3,450,479
County
of
Dare
,
Revenue,
2021
A,
3%,
6/01/38
........................................
375,000
418,865
Revenue,
2021
A,
3%,
6/01/39
........................................
585,000
650,618
Revenue,
2021
A,
3%,
6/01/40
........................................
250,000
276,513
Revenue,
2021
A,
3%,
6/01/41
........................................
450,000
496,565
County
of
Durham
,
GO,
2019,
4%,
6/01/36
.............................................
500,000
602,388
GO,
2019,
4%,
6/01/37
.............................................
450,000
541,061
GO,
2019,
4%,
6/01/39
.............................................
700,000
837,693
GO,
2021,
Refunding,
5%,
6/01/31
.....................................
750,000
1,017,554
GO,
2021,
Refunding,
5%,
6/01/32
.....................................
625,000
845,580
County
of
Guilford
,
GO
,
2017
B
,
4
%
,
5/01/33
...............................
5,000,000
5,825,029
County
of
Lincoln
,
Enterprise
System,
Revenue,
2020,
Refunding,
3%,
8/01/38
..................
400,000
443,187
Enterprise
System,
Revenue,
2020,
Refunding,
3%,
8/01/41
..................
480,000
526,507
County
of
Mecklenburg
,
GO,
2015
A,
5%,
4/01/28
............................................
5,000,000
5,743,983
GO,
2017
A,
4%,
4/01/30
............................................
5,000,000
5,826,764
GO,
2019,
5%,
3/01/30
.............................................
5,745,000
7,367,574
County
of
New
Hanover
,
GO,
2021
A,
Refunding,
4%,
8/01/29
...................................
760,000
935,269
GO,
2021
A,
Refunding,
4%,
8/01/30
...................................
605,000
755,956
Revenue,
2021,
Refunding,
5%,
8/01/30
.................................
3,375,000
4,467,089
Revenue,
2021,
Refunding,
5%,
8/01/31
.................................
1,145,000
1,548,092
New
Hanover
Regional
Medical
Center,
Revenue,
2017,
Pre-Refunded,
5%,
10/01/42
.......................................................
5,000,000
6,157,410
New
Hanover
Regional
Medical
Center,
Revenue,
2017,
Pre-Refunded,
5%,
10/01/47
.......................................................
13,565,000
16,705,053
County
of
Union
,
Enterprise
System,
Revenue,
2015,
5%,
6/01/34
..........................
1,000,000
1,168,761
Enterprise
System,
Revenue,
2019,
4%,
6/01/41
..........................
3,200,000
3,795,776
Enterprise
System,
Revenue,
2019,
4%,
6/01/44
..........................
2,325,000
2,741,984
Enterprise
System,
Revenue,
2021,
4%,
6/01/32
..........................
1,050,000
1,319,576
County
of
Wake
,
GO,
2018
A,
5%,
3/01/30
............................................
8,000,000
9,962,384
GO,
2019
A,
5%,
3/01/32
............................................
7,870,000
10,025,407
GO,
2021,
Refunding,
4%,
4/01/36
.....................................
1,650,000
2,049,695
Revenue,
2019,
4%,
9/01/38
.........................................
5,250,000
6,335,663
Revenue,
2021,
3%,
3/01/35
.........................................
5,535,000
6,306,138
Revenue,
2021,
3%,
3/01/36
.........................................
6,000,000
6,806,346
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
160
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
Greenville
Utilities
Commission
,
Revenue
,
2019
,
5
%
,
8/01/44
..................
$
4,750,000
$
6,025,889
Nash
Health
Care
Systems
,
Revenue,
2003,
AGMC
Insured,
5%,
11/01/30
............................
2,250,000
2,258,028
Revenue,
2012,
5%,
11/01/41
........................................
5,000,000
5,052,697
North
Carolina
Capital
Facilities
Finance
Agency
,
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/27
..........
400,000
485,999
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/28
..........
500,000
618,668
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/29
..........
550,000
693,112
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/30
..........
500,000
640,875
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/31
..........
650,000
845,527
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/32
..........
1,000,000
1,293,468
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/33
..........
2,670,000
3,441,578
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
10/01/34
..........
740,000
876,546
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
10/01/35
..........
360,000
425,748
Davidson
College
Trustees,
Revenue,
2012,
5%,
3/01/40
....................
4,000,000
4,043,129
Davidson
College
Trustees,
Revenue,
2014,
Refunding,
5%,
3/01/45
...........
3,500,000
3,537,738
Duke
University,
Revenue,
2015
B,
Pre-Refunded,
5%,
10/01/41
..............
13,585,000
15,916,724
Duke
University,
Revenue,
2016
B,
Refunding,
5%,
7/01/42
..................
10,000,000
11,846,124
Duke
University,
Revenue,
2016
B,
Refunding,
4%,
10/01/44
.................
5,085,000
5,724,390
Duke
University,
Revenue,
2016
B,
Refunding,
5%,
10/01/44
.................
11,000,000
13,030,736
High
Point
University,
Revenue,
2021,
Refunding,
4%,
5/01/32
................
1,000,000
1,196,624
High
Point
University,
Revenue,
2021,
Refunding,
4%,
5/01/33
................
2,210,000
2,634,998
High
Point
University,
Revenue,
2021,
Refunding,
4%,
5/01/34
................
1,370,000
1,630,182
Wake
Forest
University,
Revenue,
2016,
Refunding,
4%,
1/01/35
..............
5,000,000
5,613,494
Wake
Forest
University,
Revenue,
2016,
Refunding,
4%,
1/01/38
..............
5,500,000
6,153,836
Wake
Forest
University,
Revenue,
2016,
Refunding,
4%,
1/01/39
..............
5,250,000
5,874,858
Wake
Forest
University,
Revenue,
2018,
4%,
1/01/48
.......................
20,000,000
22,754,336
Wake
Forest
University,
Revenue,
2018,
5%,
1/01/48
.......................
13,500,000
16,303,172
North
Carolina
Central
University
,
Revenue
,
2019
,
4
%
,
4/01/49
.................
1,000,000
1,127,950
North
Carolina
Housing
Finance
Agency
,
Revenue,
41,
GNMA
Insured,
3.55%,
7/01/44
.............................
5,560,000
5,959,166
Revenue,
41,
GNMA
Insured,
3.625%,
7/01/49
............................
8,540,000
9,142,645
Revenue,
42,
GNMA
Insured,
2.45%,
7/01/34
.............................
930,000
963,669
Revenue,
42,
GNMA
Insured,
2.625%,
7/01/39
............................
3,780,000
3,938,276
Revenue,
42,
GNMA
Insured,
2.85%,
1/01/43
.............................
3,305,000
3,444,880
Revenue,
43,
GNMA
Insured,
2.8%,
1/01/40
..............................
5,895,000
6,226,084
Revenue,
43,
GNMA
Insured,
2.95%,
7/01/43
.............................
2,700,000
2,854,524
Revenue,
44,
3%,
7/01/46
...........................................
2,985,000
3,121,822
Revenue,
45,
Refunding,
GNMA
Insured,
2.2%,
7/01/40
.....................
1,930,000
1,949,015
Revenue,
46-A,
GNMA
Insured,
1.55%,
1/01/30
...........................
2,205,000
2,199,284
Revenue,
46-A,
GNMA
Insured,
1.75%,
1/01/31
...........................
1,030,000
1,037,684
North
Carolina
Medical
Care
Commission
,
Caromont
Health
Obligated
Group,
Revenue,
2021
A,
4%,
2/01/36
.............
1,675,000
2,031,898
Duke
University
Health
System,
Inc.,
Revenue,
2012
A,
Pre-Refunded,
5%,
6/01/42
10,000,000
10,241,097
Duke
University
Health
System,
Inc.,
Revenue,
2016
D,
Refunding,
4%,
6/01/42
...
7,000,000
7,845,392
EveryAge
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
9/01/41
..........
1,090,000
1,231,717
EveryAge
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
9/01/47
..........
1,965,000
2,191,522
EveryAge
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
9/01/51
..........
960,000
1,063,673
Forest
at
Duke,
Inc.
Obligated
Group,
Revenue,
2021,
4%,
9/01/33
............
180,000
211,099
Forest
at
Duke,
Inc.
Obligated
Group,
Revenue,
2021,
4%,
9/01/34
............
185,000
216,312
Forest
at
Duke,
Inc.
Obligated
Group,
Revenue,
2021,
4%,
9/01/41
............
920,000
1,059,072
Forest
at
Duke,
Inc.
Obligated
Group,
Revenue,
2021,
4%,
9/01/46
............
950,000
1,085,129
Forest
at
Duke,
Inc.
Obligated
Group,
Revenue,
2021,
4%,
9/01/51
............
1,670,000
1,901,846
Friends
Homes
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/50
..............
3,000,000
3,239,422
Novant
Health
Obligated
Group,
Revenue,
2013
A,
Refunding,
5%,
11/01/46
.....
20,000,000
20,789,242
Novant
Health
Obligated
Group,
Revenue,
2019
A,
4%,
11/01/49
..............
5,115,000
5,967,444
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
161
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
North
Carolina
Medical
Care
Commission,
(continued)
Novant
Health
Obligated
Group,
Revenue,
2019
A,
4%,
11/01/52
..............
$
7,640,000
$
8,897,194
Pines
at
Davidson,
Inc.
Obligated
Group,
Revenue,
2019
A,
5%,
1/01/49
........
5,000,000
5,493,812
b
Plantation
Village,
Inc.
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
1/01/41
1,020,000
1,135,165
b
Plantation
Village,
Inc.
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
1/01/52
3,510,000
3,870,334
Presbyterian
Homes
Obligated
Group,
Revenue,
2016
C,
Refunding,
5%,
10/01/31
5,000,000
5,631,325
Presbyterian
Homes
Obligated
Group,
Revenue,
2020
A,
4%,
10/01/45
.........
1,000,000
1,127,757
Presbyterian
Homes
Obligated
Group,
Revenue,
2020
A,
5%,
10/01/45
.........
1,800,000
2,156,024
Presbyterian
Homes
Obligated
Group,
Revenue,
2020
A,
4%,
10/01/50
.........
1,350,000
1,514,506
Presbyterian
Homes
Obligated
Group,
Revenue,
2020
A,
5%,
10/01/50
.........
1,400,000
1,668,281
Rex
Hospital,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/49
............
4,000,000
4,559,910
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2017
A,
Refunding,
5%,
10/01/37
...........................................
200,000
217,658
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2017
A,
Refunding,
5%,
10/01/42
...........................................
2,250,000
2,440,048
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2017
A,
Refunding,
5%,
10/01/47
...........................................
2,540,000
2,746,801
Vidant
Health
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
6/01/40
........
5,000,000
5,696,580
Wake
Forest
Baptist
Obligated
Group,
Revenue,
2019
A,
5%,
12/01/32
.........
1,000,000
1,235,135
Wake
Forest
Baptist
Obligated
Group,
Revenue,
2019
A,
5%,
12/01/33
.........
1,000,000
1,233,476
WakeMed
Obligated
Group,
Revenue,
2012
A,
Refunding,
5%,
10/01/38
........
5,000,000
5,182,539
North
Carolina
Municipal
Power
Agency
No.
1
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/32
.........................................................
4,200,000
4,846,612
North
Carolina
State
Education
Assistance
Authority
,
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/25
..............................
125,000
141,170
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/26
..............................
300,000
347,190
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/27
..............................
450,000
531,476
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/28
..............................
500,000
600,530
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/29
..............................
350,000
426,222
Revenue,
Senior
Lien,
2020
A,
3.125%,
6/01/39
...........................
2,595,000
2,635,828
North
Carolina
State
University
at
Raleigh
,
Revenue
,
2013
A
,
Pre-Refunded
,
5
%
,
10/01/42
.....................................................
8,980,000
9,757,136
North
Carolina
Turnpike
Authority
,
Revenue,
2016
A,
Refunding,
5%,
7/01/47
...............................
2,500,000
2,834,703
Revenue,
2018
A,
Refunding,
4%,
1/01/36
...............................
9,875,000
11,559,744
Revenue,
2018
A,
Refunding,
4%,
1/01/39
...............................
9,815,000
11,438,168
Revenue,
2021,
Refunding,
5%,
7/01/34
.................................
1,120,000
1,506,156
Revenue,
2021,
Refunding,
5%,
7/01/35
.................................
1,300,000
1,745,127
Revenue,
2021,
Refunding,
5%,
7/01/36
.................................
1,750,000
2,344,098
Revenue,
2021,
Refunding,
5%,
7/01/37
.................................
1,770,000
2,365,155
Revenue,
2021,
Refunding,
5%,
7/01/38
.................................
1,250,000
1,667,077
Revenue,
2021,
Refunding,
5%,
7/01/39
.................................
1,500,000
1,996,192
Revenue,
2021,
Refunding,
5%,
7/01/40
.................................
1,270,000
1,687,022
Revenue,
2021,
Refunding,
5%,
7/01/41
.................................
2,000,000
2,650,220
Revenue,
Senior
Lien,
2017,
Refunding,
AGMC
Insured,
5%,
1/01/31
...........
1,000,000
1,197,310
Revenue,
Senior
Lien,
2017,
Refunding,
AGMC
Insured,
5%,
1/01/39
...........
1,200,000
1,430,365
Revenue,
Senior
Lien,
2019,
AGMC
Insured,
5%,
1/01/49
...................
15,430,000
19,302,922
Raleigh
Durham
Airport
Authority
,
Revenue,
2015
A,
Refunding,
5%,
5/01/27
...............................
350,000
403,366
Revenue,
2015
A,
Refunding,
5%,
5/01/29
...............................
1,000,000
1,147,702
Revenue,
2015
A,
Refunding,
5%,
5/01/30
...............................
550,000
630,633
Revenue,
2020
A,
Refunding,
5%,
5/01/35
...............................
2,250,000
2,849,531
State
of
North
Carolina
,
GO,
2016
A,
Refunding,
5%,
6/01/25
...................................
4,000,000
4,636,694
GO,
2019
B,
5%,
6/01/29
............................................
2,500,000
3,240,882
GO,
2020
A,
5%,
6/01/30
............................................
2,500,000
3,313,780
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
162
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
State
of
North
Carolina,
(continued)
GO,
2020
A,
5%,
6/01/31
............................................
$
2,500,000
$
3,299,663
Revenue,
2020
B,
4%,
5/01/35
........................................
2,750,000
3,363,958
Town
of
Cary
,
Combined
Utility
Systems,
Revenue,
2017,
Pre-Refunded,
5%,
12/01/41
........
1,710,000
2,079,189
Combined
Utility
Systems,
Revenue,
2017
B,
Refunding,
4%,
12/01/42
.........
8,000,000
9,296,836
Town
of
Oak
Island
,
Enterprise
System
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/33
......................................................
1,000,000
1,206,614
University
of
North
Carolina
at
Chapel
Hill
,
Hospitals
at
Chapel
Hill,
Revenue,
2016,
5%,
2/01/46
.......................
4,265,000
5,004,997
Hospitals
at
Chapel
Hill,
Revenue,
2019,
5%,
2/01/49
.......................
6,860,000
10,796,732
University
of
North
Carolina
at
Charlotte
(The)
,
Revenue,
2014,
Pre-Refunded,
5%,
4/01/43
..............................
5,000,000
5,545,064
Revenue,
2015,
Pre-Refunded,
5%,
4/01/45
..............................
9,450,000
10,866,294
Revenue,
2017,
5%,
10/01/47
........................................
10,000,000
12,126,299
Revenue,
2017
A,
Refunding,
4%,
10/01/40
..............................
2,250,000
2,578,189
Revenue,
2020
A,
Refunding,
5%,
10/01/38
..............................
1,145,000
1,453,871
Revenue,
2020
A,
Refunding,
4%,
10/01/40
..............................
290,000
340,635
University
of
North
Carolina
at
Greensboro
,
Revenue,
2014,
Refunding,
5%,
4/01/39
.................................
3,500,000
3,875,917
Revenue,
2017,
Refunding,
4%,
4/01/35
.................................
1,205,000
1,390,942
Revenue,
2017,
Refunding,
4%,
4/01/36
.................................
1,000,000
1,148,979
Revenue,
2018,
5%,
4/01/30
.........................................
1,085,000
1,338,360
Revenue,
2018,
5%,
4/01/43
.........................................
2,500,000
3,022,055
University
of
North
Carolina
at
Wilmington
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/37
.
3,000,000
3,423,347
University
of
North
Carolina
System
,
Appalachian
State
University
,
Revenue
,
2008
A
,
AGMC
Insured
,
5
%
,
10/01/33
.........................................
160,000
160,608
Western
Carolina
University
,
Revenue,
2020
B,
3%,
4/01/36
........................................
1,000,000
1,090,633
Revenue,
2020
B,
4%,
4/01/45
........................................
5,000,000
5,793,322
760,910,469
Texas
0.1%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
4%,
9/01/32
200,000
235,515
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
4%,
9/01/33
200,000
235,062
470,577
Washington
0.2%
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/44
.............................
1,000,000
1,229,285
Wisconsin
0.6%
c
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
.................................
5,600,000
5,600,000
U.S.
Territories
1.9%
Puerto
Rico
1.9%
Commonwealth
of
Puerto
Rico
,
GO
,
NATL
Insured
,
5.5
%
,
7/01/29
...............
600,000
641,572
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,500,000
1,626,702
d
Revenue,
XX-RSA-1,
5.25%,
7/01/40
...................................
4,120,000
4,068,500
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
NATL
Insured,
5.25%,
7/01/33
.................
990,000
1,075,946
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
300,000
323,842
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
163
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Highway
&
Transportation
Authority,
(continued)
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
$
5,350,000
$
5,813,129
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
2,000,000
2,180,802
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/41
..
220,000
252,038
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/33
..
440,000
562,653
16,545,184
Total
U.S.
Territories
....................................................................
16,545,184
Total
Municipal
Bonds
(Cost
$779,292,452)
.....................................
826,636,662
a
a
a
a
Short
Term
Investments
4.9%
Municipal
Bonds
4.9%
North
Carolina
4.9%
e
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group,
Revenue,
2007
B,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.04%,
1/15/38
..........................
14,000,000
14,000,000
Atrium
Health
Obligated
Group,
Revenue,
2007
C,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.04%,
1/15/37
..........................
5,200,000
5,200,000
Atrium
Health
Obligated
Group,
Revenue,
2018
G,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.04%,
1/15/48
.................................
9,065,000
9,065,000
Atrium
Health
Obligated
Group,
Revenue,
2018
H,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.04%,
1/15/48
.................................
5,000,000
5,000,000
e
North
Carolina
Medical
Care
Commission
,
Moses
H
Cone
Memorial
Hospital
Obligated
Group
,
Revenue
,
2001
B
,
SPA
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
0.02
%
,
10/01/35
........................................................
9,305,000
9,305,000
42,570,000
Total
Municipal
Bonds
(Cost
$42,570,000)
......................................
42,570,000
Total
Short
Term
Investments
(Cost
$42,570,000
)
................................
42,570,000
a
Total
Investments
(Cost
$821,862,452)
100.1%
..................................
$869,206,662
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(1,063,463)
Net
Assets
100.0%
...........................................................
$868,143,199
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
value
of
this
security
was
$5,600,000,
representing
0.6%
of
net
assets.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
Ohio
Tax-Free
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
164
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
96.5%
Alabama
0.6%
a
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2021
B
,
Mandatory
Put
,
4
%
,
12/01/31
.....................................................
$
8,500,000
$
10,235,867
Florida
0.5%
Capital
Trust
Agency,
Inc.
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
................
9,144,000
9,164,848
Illinois
1.5%
b
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
12/15/42
.
7,000,000
8,012,785
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
2,500,000
2,924,860
GO,
2017
C,
5%,
11/01/29
...........................................
1,500,000
1,802,624
GO,
2017
D,
5%,
11/01/26
...........................................
3,000,000
3,561,304
GO,
2017
D,
5%,
11/01/27
...........................................
4,920,000
5,953,871
GO,
2020,
5.5%,
5/01/30
............................................
2,620,000
3,423,731
GO,
2021
A,
4%,
3/01/39
............................................
500,000
583,571
26,262,746
New
Jersey
0.8%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2020
AA,
4%,
6/15/36
.......................................
1,500,000
1,753,010
Revenue,
2020
AA,
5%,
6/15/36
.......................................
4,000,000
5,087,100
Revenue,
2020
AA,
4%,
6/15/40
.......................................
2,000,000
2,314,180
Revenue,
2020
AA,
4%,
6/15/45
.......................................
2,000,000
2,282,701
State
of
New
Jersey
,
GO
,
2020
A
,
5
%
,
6/01/28
.............................
1,000,000
1,242,737
12,679,728
New
York
0.5%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/46
..........
7,500,000
8,586,906
Ohio
91.1%
Akron
Bath
Copley
Joint
Township
Hospital
District
,
Summa
Health
System
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
3
%
,
11/15/40
..........................
5,400,000
5,625,539
American
Municipal
Power,
Inc.
,
Revenue,
2015
A,
Refunding,
5%,
2/15/28
...............................
5,000,000
5,465,415
Revenue,
2016
A,
4%,
2/15/36
........................................
1,000,000
1,107,564
Revenue,
2016
A,
5%,
2/15/46
........................................
5,000,000
5,781,295
Revenue,
2016
A,
Refunding,
5%,
2/15/46
...............................
7,500,000
8,671,942
Revenue,
2017
A,
Refunding,
5%,
2/15/37
...............................
3,700,000
4,502,725
Revenue,
2017
A,
Refunding,
5%,
2/15/38
...............................
3,500,000
4,253,687
Revenue,
2019
A,
5%,
2/15/44
........................................
3,345,000
4,094,014
Revenue,
2019
C,
Refunding,
4%,
2/15/39
...............................
18,795,000
22,022,442
Anthony
Wayne
Local
School
District
,
GO
,
2017
A
,
4
%
,
12/01/39
................
3,000,000
3,298,024
Apollo
Joint
Vocational
School
District
,
GO
,
2017
,
Refunding
,
4
%
,
12/01/39
........
6,530,000
7,485,593
Beaver
Local
School
District
,
GO
,
2012
,
4
%
,
12/01/40
........................
3,000,000
3,044,414
Berkshire
Local
School
District
,
GO
,
2021
,
Refunding
,
3
%
,
10/01/56
.............
735,000
778,731
Bethel
Local
School
District
,
COP,
2020,
BAM
Insured,
3%,
12/01/45
.................................
4,095,000
4,249,793
COP,
2020,
BAM
Insured,
2.75%,
12/01/49
..............................
4,000,000
4,053,182
Big
Walnut
Local
School
District
,
GO
,
2019
,
5
%
,
12/01/53
.....................
9,155,000
11,066,701
Bloom-Carroll
Local
School
District
,
GO
,
2018
A
,
5
%
,
11/01/55
.................
7,025,000
8,560,268
Bowling
Green
State
University
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
6/01/42
........
3,250,000
3,881,930
Brecksville-Broadview
Heights
City
School
District
,
GO
,
2018
,
Pre-Refunded
,
5.25
%
,
12/01/54
........................................................
7,390,000
8,121,875
Brooklyn
City
School
District
,
GO,
2017,
Refunding,
AGMC
Insured,
5%,
12/01/38
........................
1,905,000
2,287,090
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
165
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Brooklyn
City
School
District,
(continued)
GO,
2017,
Refunding,
AGMC
Insured,
5%,
12/01/49
........................
$
9,000,000
$
10,605,813
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien,
2020
A-2,
1,
Refunding,
3%,
6/01/48
..................
43,215,000
44,558,610
Revenue,
Senior
Lien,
2020
A-2,
1,
Refunding,
4%,
6/01/48
..................
3,245,000
3,671,180
Butler
County
Port
Authority
,
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/32
........................................................
100,000
117,984
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/33
........................................................
135,000
159,234
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/34
........................................................
185,000
217,890
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/35
........................................................
195,000
229,222
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/36
........................................................
205,000
240,705
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/37
........................................................
210,000
246,144
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/38
........................................................
220,000
257,504
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/39
........................................................
225,000
262,946
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/40
........................................................
240,000
279,942
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/41
........................................................
245,000
285,267
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/46
........................................................
900,000
1,039,564
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/51
........................................................
1,000,000
1,148,013
Canal
Winchester
Local
School
District
,
GO,
2005,
NATL
Insured,
Zero
Cpn.,
12/01/32
............................
3,955,000
3,249,861
GO,
2005,
NATL
Insured,
Zero
Cpn.,
12/01/33
............................
2,000,000
1,604,355
Chillicothe
City
School
District
,
GO,
2006,
Refunding,
NATL
Insured,
Zero
Cpn.,
12/01/22
...................
1,905,000
1,894,477
GO,
2006,
Refunding,
NATL
Insured,
Zero
Cpn.,
12/01/23
...................
1,905,000
1,876,568
GO,
2006,
Refunding,
NATL
Insured,
Zero
Cpn.,
12/01/24
...................
1,905,000
1,855,064
Cincinnati
City
School
District
,
GO,
2006,
Refunding,
NATL
Insured,
5.25%,
12/01/27
......................
14,900,000
18,710,340
GO,
2006,
Refunding,
NATL
Insured,
5.25%,
12/01/28
......................
8,180,000
10,544,359
City
of
Chillicothe
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/37
.....................................................
5,000,000
5,992,936
City
of
Cincinnati
,
GO
,
2015
A
,
Pre-Refunded
,
5.25
%
,
12/01/40
.................
6,500,000
7,586,054
City
of
Cleveland
,
GO,
2012,
Pre-Refunded,
5%,
12/01/30
.................................
2,965,000
3,108,174
GO,
2012,
5%,
12/01/30
.............................................
35,000
36,606
GO,
2020
A,
4%,
12/01/35
...........................................
1,000,000
1,210,415
GO,
2020
A,
2%,
12/01/36
...........................................
1,215,000
1,218,766
Water
Pollution
Control,
Revenue,
2016,
5%,
11/15/41
......................
2,000,000
2,302,674
City
of
Columbus
,
GO,
2014
A,
5%,
2/15/25
............................................
5,000,000
5,511,816
GO,
2016-3,
Refunding,
5%,
2/15/27
...................................
5,000,000
6,106,782
GO,
2018
A,
5%,
4/01/34
............................................
7,000,000
8,841,261
GO,
2021
A,
5%,
4/01/35
............................................
6,000,000
7,916,265
GO,
2021
A,
5%,
4/01/36
............................................
6,000,000
7,897,653
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
166
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
City
of
Columbus,
(continued)
GO,
2021
A,
5%,
4/01/37
............................................
$
5,000,000
$
6,566,526
GO,
2021
A,
5%,
4/01/38
............................................
5,000,000
6,554,673
GO,
2021
A,
5%,
4/01/39
............................................
4,500,000
5,887,372
Sewerage,
Revenue,
2014,
Refunding,
4%,
6/01/31
........................
15,000,000
16,457,078
Sewerage,
Revenue,
2015,
Refunding,
5%,
6/01/29
........................
5,000,000
5,952,520
City
of
Marysville
,
Wastewater
Treatment
System,
Revenue,
2015,
Refunding,
BAM
Insured,
4%,
12/01/40
.......................................................
3,015,000
3,271,328
Wastewater
Treatment
System,
Revenue,
2015,
Refunding,
BAM
Insured,
5%,
12/01/47
.......................................................
5,035,000
5,612,673
Wastewater
Treatment
System,
Revenue,
2016,
Refunding,
BAM
Insured,
4%,
12/01/46
.......................................................
9,370,000
10,216,892
City
of
Middleburg
Heights
,
Southwest
General
Health
Center
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/01/47
...............................
4,425,000
5,087,147
City
of
St.
Bernard
,
Income
Tax
,
Revenue
,
2013
,
AGMC
Insured
,
5
%
,
12/01/43
.....
3,760,000
4,057,109
City
of
Toledo
,
Water
System,
Revenue,
2012
A,
4%,
11/15/36
...........................
9,125,000
9,146,111
Water
System,
Revenue,
2013,
Refunding,
5%,
11/15/38
....................
19,395,000
20,589,230
City
of
Westerville
,
Revenue
,
2014
,
5
%
,
12/01/30
...........................
2,765,000
3,067,834
Cleveland
Department
of
Public
Utilities
Division
of
Public
Power
,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
11/15/38
..................
600,000
706,300
Revenue,
B-2,
NATL
Insured,
Zero
Cpn.,
11/15/38
.........................
10,000,000
6,602,819
Cleveland
Department
of
Public
Utilities
Division
of
Water
,
Revenue,
2020
FF,
Refunding,
5%,
1/01/32
..............................
1,000,000
1,291,918
Revenue,
2020
FF,
Refunding,
5%,
1/01/33
..............................
1,000,000
1,289,536
Cleveland
Municipal
School
District
,
GO,
2013,
Refunding,
5%,
12/01/25
....................................
3,600,000
3,766,638
GO,
2013,
Refunding,
5%,
12/01/27
....................................
1,000,000
1,045,877
Cleveland
Public
Library
,
Revenue
,
2019
A
,
4
%
,
12/01/45
.....................
5,000,000
5,889,704
Cleveland-Cuyahoga
County
Port
Authority
,
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
5%,
7/01/35
.......
600,000
775,288
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/37
.......
700,000
836,818
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/38
.......
100,000
119,310
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/39
.......
700,000
833,333
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/40
.......
100,000
118,826
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/41
.......
800,000
948,228
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/46
.......
500,000
586,000
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/51
.......
2,000,000
2,331,410
Columbus-Franklin
County
Finance
Authority
,
Revenue,
2021
C,
2.5%,
11/15/41
.....................................
900,000
908,105
Revenue,
2021
C,
3%,
5/15/51
........................................
2,180,000
2,255,443
County
of
Butler
,
Cincinnati
Children's
Hospital
Medical
Center
Obligated
Group,
Revenue,
2016
X,
Refunding,
5%,
5/15/29
............................................
6,750,000
8,629,685
UC
Health
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/45
..........
20,270,000
24,024,653
UC
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
11/15/35
..........
2,000,000
2,276,202
UC
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
11/15/36
..........
2,140,000
2,432,820
UC
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
11/15/37
..........
1,500,000
1,702,475
County
of
Cuyahoga
,
GO,
2020
A,
Refunding,
4%,
12/01/34
..................................
750,000
904,051
GO,
2020
A,
Refunding,
3%,
12/01/35
..................................
1,040,000
1,151,574
GO,
2020
A,
Refunding,
3%,
12/01/36
..................................
1,100,000
1,216,161
GO,
2020
A,
Refunding,
3%,
12/01/37
..................................
1,610,000
1,775,938
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
167
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
County
of
Cuyahoga,
(continued)
Revenue,
2015,
Pre-Refunded,
5%,
12/01/25
.............................
$
500,000
$
547,199
County
of
Franklin
,
Nationwide
Children's
Hospital,
Inc.,
Revenue,
2016
C,
Refunding,
5%,
11/01/34
..
2,600,000
3,164,726
Nationwide
Children's
Hospital,
Inc.,
Revenue,
2016
C,
Refunding,
4%,
11/01/40
..
5,000,000
5,721,271
Nationwide
Children's
Hospital,
Inc.,
Revenue,
2017
A,
Refunding,
4%,
11/01/44
..
7,050,000
8,101,813
b
Ohio
Living
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/36
..........
2,640,000
2,905,903
b
Ohio
Living
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/40
..........
13,000,000
14,214,428
OhioHealth
Obligated
Group,
Revenue,
2015,
5%,
5/15/33
...................
6,290,000
7,168,078
Sales
Tax,
Revenue,
2018,
5%,
6/01/43
.................................
6,000,000
7,397,151
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2017,
5%,
12/01/46
............
7,500,000
9,044,342
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2019
A,
4%,
12/01/44
..........
5,075,000
5,925,660
County
of
Hamilton
,
Sewer
System,
Revenue,
2019
A,
Refunding,
5%,
12/01/33
..................
6,965,000
8,992,361
Sewer
System,
Revenue,
2020
A,
Refunding,
5%,
12/01/32
..................
1,000,000
1,320,807
Sewer
System,
Revenue,
2020
A,
Refunding,
5%,
12/01/33
..................
1,500,000
1,977,896
Sewer
System,
Revenue,
2020
A,
Refunding,
5%,
12/01/34
..................
2,200,000
2,894,548
Sewer
System,
Revenue,
2020
A,
Refunding,
5%,
12/01/35
..................
1,000,000
1,313,987
TriHealth
Obligated
Group,
Revenue,
2017
A,
5%,
8/15/42
...................
5,000,000
5,955,596
County
of
Mahoning
,
Western
Reserve
Care
System
,
Revenue
,
1995
,
NATL
Insured
,
ETM,
5.5
%
,
10/15/25
...............................................
2,210,000
2,468,559
County
of
Miami
,
Kettering
Health
Network
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
8/01/49
.............................................
12,000,000
14,639,492
County
of
Montgomery
,
Kettering
Health
Network
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
8/01/40
5,975,000
6,464,143
Kettering
Health
Network
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
8/01/41
1,000,000
1,180,657
Kettering
Health
Network
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
8/01/51
2,000,000
2,323,738
Premier
Health
Partners
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
11/15/39
.......................................................
5,000,000
5,734,252
County
of
Ross
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/49
.....................................................
5,000,000
6,129,652
County
of
Union
,
GO
,
2018
,
5
%
,
12/01/47
.................................
5,000,000
5,905,193
Cuyahoga
Community
College
District
,
Revenue
,
2012
D
,
Refunding
,
5
%
,
8/01/32
..
2,310,000
2,380,744
Dayton
City
School
District
,
GO
,
2014
,
Refunding
,
5
%
,
11/01/30
................
5,000,000
6,628,146
Dayton-Montgomery
County
Port
Authority
,
Southwest
Ohio
Regional
Bond
Fund,
Revenue,
2021
C,
2%,
11/15/31
..........
430,000
427,510
Southwest
Ohio
Regional
Bond
Fund,
Revenue,
2021
C,
2.5%,
11/15/41
........
1,615,000
1,615,317
Southwest
Ohio
Regional
Bond
Fund,
Revenue,
2021
C,
3%,
5/15/51
..........
1,000,000
1,004,881
Deer
Park
Community
City
School
District
,
GO
,
2017
A
,
5.25
%
,
12/01/53
.........
3,000,000
3,387,255
Delaware
City
School
District
,
GO
,
2013
,
Pre-Refunded
,
5.75
%
,
12/01/49
.........
6,000,000
6,495,188
Dublin
City
School
District
,
GO
,
2019
A
,
4
%
,
12/01/44
........................
10,000,000
11,737,990
Elyria
City
School
District
,
GO
,
2017
A
,
5
%
,
12/01/43
........................
5,500,000
6,499,885
Fairborn
City
School
District
,
GO
,
2021
A
,
3
%
,
12/01/50
......................
8,065,000
8,698,486
Franklin
City
School
District
,
GO
,
2021
A
,
3
%
,
11/01/57
.......................
8,000,000
8,348,384
Franklin
County
Convention
Facilities
Authority
,
Revenue
,
2014
,
Pre-Refunded
,
5
%
,
12/01/35
........................................................
20,000,000
22,765,140
Fremont
City
School
District
,
GO
,
2017
A
,
5
%
,
1/15/49
.......................
13,970,000
15,833,368
Grandview
Heights
City
School
District
,
GO,
2019,
4%,
12/01/51
.............................................
1,980,000
2,298,842
GO,
2019,
5%,
12/01/53
.............................................
2,150,000
2,660,585
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
168
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Great
Oaks
Career
Campuses
Board
of
Education
,
COP
,
2021
,
3
%
,
12/01/44
......
$
1,455,000
$
1,558,115
Highland
Local
School
District
,
GO
,
2018
A
,
Pre-Refunded
,
5.25
%
,
12/01/54
.......
12,000,000
12,900,745
Hilliard
School
District
,
GO
,
2017
,
4
%
,
12/01/46
............................
10,000,000
11,083,668
Hillsdale
Local
School
District
,
COP,
2020,
BAM
Insured,
4%,
12/01/38
.................................
2,465,000
2,940,418
COP,
2020,
BAM
Insured,
4%,
12/01/40
.................................
1,435,000
1,705,489
Hudson
City
School
District
,
GO
,
2018
,
4
%
,
12/01/45
........................
18,870,000
20,723,800
Indian
Creek
Local
School
District
,
GO,
2018
A,
5%,
11/01/55
...........................................
3,000,000
3,567,106
GO,
2018
B,
BAM
Insured,
5%,
11/01/55
................................
3,910,000
4,638,048
JobsOhio
Beverage
System
,
Revenue,
Senior
Lien
,
2013
A
,
Pre-Refunded
,
5
%
,
1/01/38
.........................................................
26,010,000
27,346,854
Lakewood
City
School
District
,
GO
,
2014
A
,
Pre-Refunded
,
5
%
,
11/01/43
.........
10,895,000
11,375,205
Lakota
Local
School
District
,
GO,
2005,
Refunding,
NATL
Insured,
5.25%,
12/01/26
......................
2,000,000
2,445,328
GO,
2014
C,
Pre-Refunded,
5%,
12/01/30
...............................
4,035,000
4,592,867
Lancaster
City
School
District
,
GO
,
2012
,
Pre-Refunded
,
5
%
,
10/01/49
...........
460,000
478,355
Little
Miami
Local
School
District
,
GO,
2018,
5%,
11/01/43
.............................................
1,000,000
1,148,433
GO,
2018,
5%,
11/01/48
.............................................
2,460,000
2,815,987
Madeira
City
School
District
,
GO
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/32
.....
9,605,000
12,792,932
Marysville
Exempted
Village
School
District
,
GO
,
2002
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
12/01/21
....................................................
1,000,000
1,000,000
Miami
University
,
Revenue,
2014,
Refunding,
5%,
9/01/31
.................................
2,320,000
2,589,119
Revenue,
2014,
Refunding,
5%,
9/01/34
.................................
3,500,000
3,894,839
Revenue,
2017,
Refunding,
5%,
9/01/41
.................................
5,000,000
5,943,423
Revenue,
2021
A,
Refunding,
5%,
9/01/32
...............................
1,070,000
1,429,378
Revenue,
2021
A,
Refunding,
5%,
9/01/33
...............................
1,055,000
1,404,407
Revenue,
2021
A,
Refunding,
5%,
9/01/34
...............................
1,035,000
1,374,739
Revenue,
2021
A,
Refunding,
5%,
9/01/36
...............................
1,370,000
1,813,160
Miami
Valley
Career
Technology
Center
,
GO
,
2018
,
5
%
,
12/01/44
...............
20,000,000
24,407,682
Middletown
City
School
District
,
GO,
2014,
Pre-Refunded,
5.25%,
12/01/40
...............................
2,625,000
2,758,293
GO,
2014,
Pre-Refunded,
5.25%,
12/01/48
...............................
15,000,000
15,761,675
New
Albany
Community
Authority
,
Revenue,
2012
C,
Refunding,
5%,
10/01/23
..............................
1,100,000
1,142,586
Revenue,
2012
C,
Refunding,
5%,
10/01/24
..............................
1,250,000
1,298,411
New
Albany
Plain
Local
School
District
,
GO
,
2013
,
Pre-Refunded
,
4
%
,
12/01/49
....
10,000,000
10,380,813
Northeast
Ohio
Medical
University
,
Revenue,
2021
A,
Refunding,
3%,
12/01/21
..............................
50,000
50,000
Revenue,
2021
A,
Refunding,
3%,
12/01/23
..............................
75,000
78,119
Revenue,
2021
A,
Refunding,
5%,
12/01/25
..............................
125,000
143,517
Revenue,
2021
A,
Refunding,
5%,
12/01/27
..............................
100,000
120,479
Revenue,
2021
A,
Refunding,
5%,
12/01/29
..............................
110,000
136,775
Revenue,
2021
A,
Refunding,
3%,
12/01/40
..............................
500,000
521,390
Revenue,
2021
A,
Refunding,
4%,
12/01/45
..............................
450,000
509,944
Northeast
Ohio
Regional
Sewer
District
,
Revenue,
2014,
Pre-Refunded,
5%,
11/15/32
.............................
5,500,000
6,250,425
Revenue,
2014,
4%,
11/15/49
........................................
3,740,000
4,040,094
Revenue,
2014,
Pre-Refunded,
4%,
11/15/49
.............................
2,260,000
2,499,984
Revenue,
2017,
Refunding,
4%,
11/15/43
................................
10,000,000
11,614,516
Revenue,
2019,
Refunding,
3%,
11/15/35
................................
4,500,000
5,043,161
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
169
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Northeastern
Local
School
District
,
GO,
2018,
AGMC
Insured,
5.25%,
12/01/45
..............................
$
5,420,000
$
6,798,519
GO,
2018,
AGMC
Insured,
4%,
12/01/55
................................
5,000,000
5,669,865
Northwest
Local
School
District
,
GO
,
2015
,
Pre-Refunded
,
5
%
,
12/01/45
..........
3,760,000
4,110,972
Norwood
City
School
District
,
GO,
2017
A,
Pre-Refunded,
5%,
11/01/46
...............................
5,000,000
5,959,011
GO,
2017
A,
Pre-Refunded,
5.25%,
11/01/51
.............................
7,645,000
9,194,475
Oakwood
City
School
District
,
GO
,
2019
,
4
%
,
12/01/48
.......................
6,340,000
7,360,344
a
Ohio
Air
Quality
Development
Authority
,
Ohio
Valley
Electric
Corp.,
Revenue,
2009
B,
Mandatory
Put,
1.375%,
11/01/24
...
1,875,000
1,878,317
Ohio
Valley
Electric
Corp.,
Revenue,
2009
C,
Mandatory
Put,
1.5%,
11/04/25
.....
2,000,000
2,002,819
Ohio
Center
Local
Government
Capital
Asset
Financing
Program
,
GO
,
2003
,
Pre-
Refunded
,
AGMC
Insured
,
5.25
%
,
12/01/23
..............................
345,000
346,444
Ohio
Higher
Educational
Facility
Commission
,
Case
Western
Reserve
University,
Revenue,
2016,
Refunding,
5%,
12/01/40
.....
6,000,000
7,184,221
Denison
University,
Revenue,
2012,
5%,
11/01/26
.........................
1,445,000
1,471,646
Denison
University,
Revenue,
2021,
3%,
11/01/50
.........................
4,250,000
4,515,307
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/42
...........
1,540,000
1,794,999
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/45
...........
1,360,000
1,576,691
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/50
...........
2,900,000
3,354,541
Kenyon
College,
Revenue,
2016,
Refunding,
5%,
7/01/42
...................
10,500,000
12,292,865
Kenyon
College,
Revenue,
2017,
5%,
7/01/42
............................
1,250,000
1,486,951
Kenyon
College,
Revenue,
2017,
4%,
7/01/47
............................
5,000,000
5,595,163
c
Otterbein
Homes
Obligated
Group,
Revenue,
2021
B,
Refunding,
4%,
7/01/46
....
1,085,000
1,234,625
University
of
Dayton,
Revenue,
2018
A,
4%,
12/01/43
.......................
11,885,000
13,538,958
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/28
................
250,000
308,246
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/29
................
415,000
523,388
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/30
................
400,000
514,617
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/31
................
550,000
703,214
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/32
................
340,000
433,479
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/33
................
130,000
165,439
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/34
................
500,000
635,277
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/35
................
1,000,000
1,268,169
University
of
Dayton,
Revenue,
2020,
Refunding,
4%,
2/01/36
................
900,000
1,062,244
University
of
Dayton,
Revenue,
2020,
Refunding,
3%,
2/01/37
................
1,335,000
1,449,484
University
of
Dayton,
Revenue,
2020,
Refunding,
4%,
2/01/39
................
480,000
563,258
University
of
Dayton,
Revenue,
2020,
Refunding,
3%,
2/01/40
................
500,000
539,953
University
of
Dayton,
Revenue,
2020,
Refunding,
4%,
2/01/41
................
250,000
292,248
University
of
Dayton,
Revenue,
2020,
Refunding,
3%,
2/01/42
................
325,000
349,330
Ohio
Housing
Finance
Agency
,
Revenue
,
2020
B
,
GNMA
Insured
,
2.1
%
,
9/01/35
....
580,000
590,085
Ohio
State
University
(The)
,
Revenue
,
2014
A
,
4
%
,
12/01/30
...................
4,325,000
4,726,973
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
2018
A,
5%,
2/15/43
........................................
33,350,000
40,554,591
Revenue,
Junior
Lien,
2013
A-1,
5.25%,
2/15/33
...........................
4,200,000
4,442,208
Revenue,
Junior
Lien,
2013
A-2,
BAM
Insured,
Zero
Cpn.,
2/15/38
.............
3,665,000
2,547,711
Revenue,
Junior
Lien,
2013
A-2,
Zero
Cpn.,
2/15/43
........................
10,485,000
6,054,887
Ohio
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
12/01/44
...................
7,000,000
8,294,141
Ohio
Water
Development
Authority
,
Revenue,
2019,
5%,
12/01/38
........................................
5,000,000
6,459,305
Revenue,
2021
A,
5%,
12/01/36
.......................................
2,000,000
2,671,306
Revenue,
2021
A,
5%,
12/01/37
.......................................
1,750,000
2,331,784
Revenue,
2021
A,
5%,
12/01/38
.......................................
2,750,000
3,657,199
Revenue,
2021
A,
5%,
12/01/39
.......................................
1,500,000
1,990,581
Drinking
Water
Assistance
Fund,
Revenue,
2019,
5%,
12/01/29
...............
12,655,000
16,443,407
Water
Pollution
Control
Loan
Fund,
Revenue,
2019
B,
Refunding,
5%,
12/01/44
...
15,000,000
19,156,442
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
170
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Ohio
Water
Development
Authority,
(continued)
Water
Pollution
Control
Loan
Fund,
Revenue,
2020
A,
5%,
6/01/33
.............
$
7,250,000
$
9,548,263
Water
Pollution
Control
Loan
Fund,
Revenue,
2020
A,
5%,
12/01/38
............
5,405,000
7,025,598
Water
Pollution
Control
Loan
Fund,
Revenue,
2020
A,
5%,
12/01/39
............
5,000,000
6,486,553
Water
Pollution
Control
Loan
Fund,
Revenue,
2020
B,
4%,
12/01/37
............
14,160,000
17,271,991
Olentangy
Local
School
District
,
GO,
2016,
4%,
12/01/46
.............................................
15,235,000
16,857,028
GO,
2020
A,
3%,
12/01/38
...........................................
500,000
554,698
Perrysburg
Exempted
Village
School
District
,
GO
,
2015
,
5
%
,
12/01/38
............
3,225,000
3,607,182
Princeton
City
School
District
,
GO,
2014,
Pre-Refunded,
5%,
12/01/39
.................................
12,000,000
13,671,841
GO,
2014,
Refunding,
Zero
Cpn.,
12/01/40
...............................
6,000,000
4,052,140
GO,
2014,
Refunding,
Zero
Cpn.,
12/01/41
...............................
6,000,000
3,937,350
Reading
Community
City
School
District
,
GO
,
2016
A
,
5
%
,
11/01/46
.............
2,000,000
2,225,429
Riverside
Local
School
District
,
GO
,
2017
A
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
10/01/47
........................................................
5,000,000
5,537,024
South-Western
City
School
District
,
GO
,
2019
A
,
4
%
,
12/01/48
.................
3,500,000
4,067,466
Springboro
Community
City
School
District
,
GO,
2007,
Refunding,
AGMC
Insured,
5.25%,
12/01/27
.....................
5,175,000
6,402,823
GO,
2007,
Refunding,
AGMC
Insured,
5.25%,
12/01/28
.....................
2,000,000
2,531,677
State
of
Ohio
,
GO,
2017
A,
5%,
3/15/36
............................................
5,000,000
5,497,682
GO,
2018
A,
5%,
6/15/38
............................................
10,000,000
11,666,281
GO,
2019
A,
5%,
5/01/36
............................................
11,000,000
13,337,470
GO,
2019
A,
5%,
6/15/38
............................................
6,500,000
8,265,549
GO,
2020
C,
5%,
3/01/37
............................................
2,185,000
2,900,057
GO,
2020
C,
5%,
3/01/38
............................................
2,300,000
3,046,960
GO,
2020
C,
5%,
3/01/39
............................................
1,750,000
2,313,502
GO,
2021
A,
5%,
5/01/40
............................................
2,675,000
3,544,586
GO,
2021
A,
5%,
6/15/41
............................................
2,380,000
3,155,414
GO,
V,
5%,
5/01/33
................................................
1,000,000
1,245,583
GO,
V,
5%,
5/01/34
................................................
4,000,000
4,975,290
GO,
W,
5%,
5/01/32
................................................
1,035,000
1,357,773
GO,
W,
5%,
5/01/33
................................................
1,600,000
2,095,214
GO,
W,
5%,
5/01/35
................................................
1,125,000
1,468,028
Revenue,
2021
A,
5%,
2/01/29
........................................
2,400,000
3,064,687
Revenue,
2021
A,
5%,
2/01/30
........................................
3,300,000
4,305,069
Revenue,
2021
A,
5%,
2/01/31
........................................
2,900,000
3,865,436
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2017
A,
Refunding,
3.25%,
1/01/35
..................................................
10,000,000
11,033,949
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2021
B,
Refunding,
5%,
1/01/33
........................................................
2,415,000
3,249,755
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2021
B,
Refunding,
5%,
1/01/34
........................................................
2,425,000
3,254,344
Department
of
Administrative
Services,
Revenue,
2021
A,
5%,
4/01/38
..........
1,000,000
1,312,113
Department
of
Administrative
Services,
Revenue,
2021
A,
5%,
4/01/39
..........
1,000,000
1,309,360
Department
of
Administrative
Services,
Revenue,
2021
A,
5%,
4/01/40
..........
1,110,000
1,450,798
Department
of
Administrative
Services,
Revenue,
2021
A,
5%,
4/01/41
..........
750,000
977,925
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/37
1,000,000
1,150,572
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/39
875,000
1,003,580
University
Hospitals
Health
System,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
3%,
1/15/45
............................................
5,000,000
5,212,964
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
171
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Switzerland
of
Ohio
Local
School
District
,
GO
,
2013
,
Pre-Refunded
,
4
%
,
12/01/37
...
$
5,500,000
$
5,805,878
Sycamore
Community
City
School
District
,
GO
,
2020
,
4
%
,
12/01/45
.............
6,500,000
7,663,949
Sylvania
City
School
District
,
GO
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/36
....
9,700,000
11,058,562
Three
Rivers
Local
School
District
,
GO
,
2014
,
Refunding
,
5
%
,
12/01/39
...........
5,885,000
6,606,576
Toledo
City
School
District
,
GO
,
2012
B
,
Pre-Refunded
,
5
%
,
12/01/32
............
7,830,000
8,206,156
Toledo-Lucas
County
Port
Authority
,
Revenue,
2021
A,
2%,
11/15/31
.......................................
430,000
430,130
Revenue,
2021
A,
3%,
5/15/51
........................................
1,160,000
1,169,659
ParkUToledo,
Inc.,
Revenue,
2021,
4%,
1/01/46
...........................
1,625,000
1,781,732
ParkUToledo,
Inc.,
Revenue,
2021,
4%,
1/01/51
...........................
2,840,000
3,100,928
ParkUToledo,
Inc.,
Revenue,
2021,
4%,
1/01/57
...........................
6,000,000
6,523,943
University
of
Akron
(The)
,
Revenue,
2015
A,
Refunding,
5%,
1/01/31
...............................
4,365,000
4,915,133
Revenue,
2016
A,
Refunding,
BAM
Insured,
5%,
1/01/34
....................
6,000,000
7,099,006
Revenue,
2016
A,
Refunding,
5%,
1/01/36
...............................
11,065,000
13,067,712
Revenue,
2016
A,
Refunding,
5%,
1/01/38
...............................
13,225,000
15,583,089
Revenue,
2018
A,
Refunding,
5%,
1/01/42
...............................
5,725,000
6,999,651
University
of
Cincinnati
,
Revenue,
2013
C,
Pre-Refunded,
5%,
6/01/39
............................
6,255,000
6,843,344
Revenue,
2018
A,
Refunding,
4%,
6/01/48
...............................
10,000,000
11,440,267
Upper
Arlington
City
School
District
,
GO
,
2018
A
,
5
%
,
12/01/48
.................
13,000,000
15,713,923
Village
of
Bluffton
,
Blanchard
Valley
Health
System
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
12/01/33
.......................................................
1,655,000
1,889,845
Blanchard
Valley
Health
System
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
12/01/34
.......................................................
1,900,000
2,166,208
Warren
County
Port
Authority
,
Ohio
Communities
Accelerator
Fund,
Revenue,
2021
C,
4%,
12/01/41
..........
2,075,000
2,216,494
Ohio
Communities
Accelerator
Fund,
Revenue,
2021
C,
4%,
12/01/55
..........
3,500,000
3,675,824
Ohio
Communities
Accelerator
Fund,
Revenue,
2021
D,
5%,
12/01/46
..........
3,895,000
4,284,922
Warren
County
Port
Authority
Ohio
Communities
Accelerator
Fund,
Revenue,
2020
D-1,
Refunding,
3%,
12/01/30
.......................................
525,000
534,166
Warren
County
Port
Authority
Ohio
Communities
Accelerator
Fund,
Revenue,
2020
D-1,
Refunding,
4%,
12/01/40
.......................................
1,390,000
1,467,428
Warren
County
Port
Authority
Ohio
Communities
Accelerator
Fund,
Revenue,
2020
D-1,
Refunding,
4%,
12/01/52
.......................................
1,930,000
1,999,402
Warrensville
Heights
City
School
District
,
GO,
2019
A,
Pre-Refunded,
BAM
Insured,
5%,
12/01/44
.....................
460,000
523,346
GO,
2019
A,
BAM
Insured,
5%,
12/01/44
................................
190,000
212,816
GO,
2019
A,
Pre-Refunded,
BAM
Insured,
5.25%,
12/01/55
..................
1,740,000
1,992,568
West
Carrollton
City
School
District
,
GO,
2020
A,
3%,
12/01/44
...........................................
2,540,000
2,707,283
GO,
2020
A,
3%,
12/01/49
...........................................
1,645,000
1,744,534
GO,
2020
A,
4%,
12/01/56
...........................................
3,500,000
3,931,015
Westerville
City
School
District
,
GO
,
2006
,
Refunding
,
XLCA
Insured
,
5
%
,
12/01/27
..
3,820,000
4,645,306
Willoughby-Eastlake
City
School
District
,
GO
,
2016
,
Pre-Refunded
,
5
%
,
12/01/46
...
10,000,000
11,778,288
Winton
Woods
City
School
District
,
GO
,
2017
,
Refunding
,
4
%
,
11/01/43
...........
7,000,000
7,962,732
Wright
State
University
,
Revenue
,
2021
A
,
Refunding
,
BAM
Insured
,
5
%
,
5/01/30
...
1,285,000
1,656,945
Xenia
Community
School
District
,
GO
,
2014
,
Pre-Refunded
,
5
%
,
12/01/40
.........
7,285,000
8,280,485
1,550,227,673
Tennessee
0.1%
a
Tennessee
Energy
Acquisition
Corp.
,
Revenue
,
2021
A
,
Mandatory
Put
,
5
%
,
11/01/31
1,500,000
1,941,441
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
172
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
0.1%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/38
$
300,000
$
308,000
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/47
1,000,000
1,013,383
1,321,383
Washington
0.2%
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/44
.............................
2,500,000
3,073,212
Wisconsin
0.6%
d
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
.................................
11,000,000
11,000,000
U.S.
Territories
0.5%
Puerto
Rico
0.5%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,000,000
1,084,468
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/34
....................
1,000,000
1,089,043
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
800,000
863,579
Revenue,
2007
N,
Refunding,
AGMC,
FGIC
Insured,
5.25%,
7/01/39
...........
540,000
586,817
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/34
...................
800,000
867,920
Revenue,
CC,
Refunding,
AGMC
Insured,
5.5%,
7/01/31
....................
1,870,000
2,104,278
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
940,000
1,024,977
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/33
..
440,000
562,653
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/35
..
235,000
298,416
8,482,151
Total
U.S.
Territories
....................................................................
8,482,151
Total
Municipal
Bonds
(Cost
$1,534,121,844)
...................................
1,642,975,955
a
a
a
a
Short
Term
Investments
2.1%
Municipal
Bonds
2.1%
Ohio
2.1%
e
County
of
Allen
,
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2010
C
,
LOC
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
0.02
%
,
6/01/34
...........................
35,380,000
35,380,000
Total
Municipal
Bonds
(Cost
$35,380,000)
......................................
35,380,000
Total
Short
Term
Investments
(Cost
$35,380,000
)
................................
35,380,000
a
Total
Investments
(Cost
$1,569,501,844)
98.6%
..................................
$1,678,355,955
Other
Assets,
less
Liabilities
1.4%
.............................................
24,229,161
Net
Assets
100.0%
...........................................................
$1,702,585,116
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Security
purchased
on
a
when-issued
basis.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
173
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
value
of
this
security
was
$11,000,000,
representing
0.6%
of
net
assets.
e
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
Oregon
Tax-Free
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
174
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.0%
Alabama
0.6%
a
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2021
B
,
Mandatory
Put
,
4
%
,
12/01/31
.....................................................
$
6,500,000
$
7,827,428
Illinois
1.6%
b
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
12/15/42
.
5,000,000
5,723,418
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
3,750,000
4,387,291
GO,
2017
D,
5%,
11/01/26
...........................................
1,000,000
1,187,101
GO,
2017
D,
5%,
11/01/27
...........................................
1,000,000
1,210,136
GO,
2019
B,
4%,
11/01/33
...........................................
500,000
578,936
GO,
2020
B,
5%,
10/01/29
...........................................
1,000,000
1,254,367
GO,
2020
B,
4%,
10/01/33
...........................................
1,500,000
1,762,357
GO,
2020
C,
4%,
10/01/42
...........................................
1,000,000
1,152,392
GO,
2021
A,
5%,
3/01/33
............................................
1,000,000
1,278,302
GO,
2021
A,
5%,
3/01/35
............................................
2,250,000
2,863,818
21,398,118
New
Jersey
1.2%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2019
BB,
4%,
6/15/50
.......................................
500,000
557,556
Revenue,
2020
AA,
4%,
6/15/35
.......................................
1,000,000
1,172,410
Revenue,
2020
AA,
5%,
6/15/35
.......................................
1,000,000
1,276,162
Revenue,
2020
AA,
4%,
6/15/40
.......................................
2,000,000
2,314,180
Revenue,
2020
AA,
4%,
6/15/45
.......................................
1,000,000
1,141,351
Revenue,
2020
AA,
3%,
6/15/50
.......................................
1,000,000
1,036,636
Revenue,
2020
AA,
4%,
6/15/50
.......................................
1,000,000
1,135,421
Revenue,
2021
A,
Refunding,
5%,
6/15/33
...............................
1,250,000
1,621,205
Revenue,
2021
A,
Refunding,
4%,
6/15/36
...............................
2,000,000
2,349,433
State
of
New
Jersey
,
GO
,
2020
A
,
5
%
,
6/01/28
.............................
2,250,000
2,796,159
15,400,513
New
York
0.5%
Metropolitan
Transportation
Authority
,
Revenue,
2021
A-1,
4%,
11/15/46
.....................................
800,000
915,937
Revenue,
2021
A-1,
4%,
11/15/48
.....................................
4,700,000
5,370,362
6,286,299
Oregon
91.9%
Astoria
Hospital
Facilities
Authority
,
Columbia
Lutheran
Charities
Obligated
Group,
Revenue,
2012,
Refunding,
5%,
8/01/28
........................................................
1,325,000
1,364,766
Columbia
Lutheran
Charities
Obligated
Group,
Revenue,
2016,
5%,
8/01/41
......
4,250,000
4,943,028
Columbia
Lutheran
Charities
Obligated
Group,
Revenue,
2016,
4%,
8/01/46
......
1,750,000
1,915,990
Benton
&
Polk
School
District
No.
17J
,
GO
,
2010
B
,
Zero
Cpn
.,
6/15/31
...........
1,000,000
864,200
Central
Lincoln
People's
Utility
District
JATC,
Inc.
,
Revenue
,
2016
,
5
%
,
12/01/45
....
2,900,000
3,323,469
City
of
Beaverton
,
Water,
Revenue,
2020,
5%,
4/01/35
....................................
1,675,000
2,158,108
Water,
Revenue,
2020,
5%,
4/01/36
....................................
1,760,000
2,262,562
Water,
Revenue,
2020,
5%,
4/01/37
....................................
1,850,000
2,373,165
Water,
Revenue,
2020,
5%,
4/01/38
....................................
1,940,000
2,484,351
Water,
Revenue,
2020,
5%,
4/01/39
....................................
2,040,000
2,607,435
Water,
Revenue,
2020,
5%,
4/01/40
....................................
2,140,000
2,730,822
City
of
Eugene
,
Electric
Utility
System,
Revenue,
2017,
5%,
8/01/47
........................
3,580,000
4,257,540
Electric
Utility
System,
Revenue,
2020
A,
4%,
8/01/45
......................
4,170,000
4,951,054
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
175
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
City
of
Eugene,
(continued)
Electric
Utility
System,
Revenue,
2020
A,
4%,
8/01/49
......................
$
2,500,000
$
2,955,437
City
of
Forest
Grove
,
Oak
Tree
Foundation,
Inc.,
Revenue,
2017,
Refunding,
4%,
3/01/37
............
3,500,000
3,696,303
Pacific
University,
Revenue,
2015
A,
Refunding,
5%,
5/01/36
.................
2,500,000
2,798,772
b
Pacific
University,
Revenue,
2022
A,
Refunding,
5%,
5/01/26
.................
335,000
387,419
b
Pacific
University,
Revenue,
2022
A,
Refunding,
5%,
5/01/27
.................
1,195,000
1,411,963
b
Pacific
University,
Revenue,
2022
A,
Refunding,
5%,
5/01/30
.................
1,385,000
1,709,097
b
Pacific
University,
Revenue,
2022
A,
Refunding,
5%,
5/01/31
.................
1,450,000
1,811,349
b
Pacific
University,
Revenue,
2022
A,
Refunding,
4%,
5/01/34
.................
500,000
568,754
b
Pacific
University,
Revenue,
2022
A,
Refunding,
4%,
5/01/35
.................
490,000
555,890
b
Pacific
University,
Revenue,
2022
A,
Refunding,
4%,
5/01/38
.................
1,980,000
2,241,879
b
Pacific
University,
Revenue,
2022
A,
Refunding,
4%,
5/01/40
.................
1,715,000
1,932,732
City
of
Keizer
,
Special
Assessment
,
2008
,
5.2
%
,
6/01/31
......................
1,460,000
1,466,047
City
of
Portland
,
Tax
Allocation,
2012
B,
Refunding,
5%,
6/15/22
...........................
1,035,000
1,061,662
Tax
Allocation,
2012
C,
5%,
6/15/28
....................................
1,000,000
1,024,224
Tax
Allocation,
2012
C,
5%,
6/15/30
....................................
1,000,000
1,023,950
Sewer
System,
Revenue,
Second
Lien,
2020
A,
4%,
3/01/34
.................
5,000,000
6,134,472
Water
System,
Revenue,
Second
Lien,
2019
A,
5%,
5/01/44
..................
5,500,000
7,008,907
City
of
Tigard
,
Water,
Revenue,
2012,
Pre-Refunded,
5%,
8/01/37
........................
11,050,000
11,405,000
Water,
Revenue,
2012,
Pre-Refunded,
5%,
8/01/42
........................
20,915,000
21,586,930
Water,
Revenue,
2015,
5%,
8/01/45
....................................
23,545,000
26,822,299
Clackamas
Community
College
District
,
GO,
2017
A,
5%,
6/15/38
............................................
760,000
920,273
GO,
2017
A,
5%,
6/15/39
............................................
1,000,000
1,209,268
GO,
2017
A,
5%,
6/15/40
............................................
1,250,000
1,509,870
Clackamas
County
School
District
No.
12
North
Clackamas
,
GO,
2017
A,
Zero
Cpn
.,
6/15/40
.......................................
10,000,000
5,061,271
GO,
2017
A,
Zero
Cpn
.,
6/15/41
.......................................
17,030,000
8,216,149
GO,
2017
A,
Zero
Cpn
.,
6/15/42
.......................................
16,625,000
7,644,068
GO,
2017
B,
5%,
6/15/34
............................................
8,000,000
9,737,722
GO,
2017
B,
5%,
6/15/37
............................................
10,000,000
12,123,412
GO,
2018,
5%,
6/15/42
.............................................
1,750,000
2,162,958
Clackamas
County
School
District
No.
46
Oregon
Trail
,
GO,
Zero
Cpn
.,
6/15/37
.............................................
12,130,000
8,886,769
GO,
Zero
Cpn
.,
6/15/38
.............................................
12,495,000
8,893,291
Clackamas
County
School
District
No.
7J
Lake
Oswego
,
GO
,
2005
,
Refunding
,
AGMC
Insured
,
5.25
%
,
6/01/25
.............................................
3,075,000
3,585,283
Clackamas
County
School
District
No.
86
Canby
,
GO,
2020
A,
Refunding,
4%,
6/15/35
...................................
580,000
701,749
GO,
2020
A,
Refunding,
4%,
6/15/36
...................................
3,000,000
3,622,218
GO,
2020
A,
Refunding,
4%,
6/15/38
...................................
2,815,000
3,385,141
GO,
2020
A,
Refunding,
4%,
6/15/40
...................................
2,670,000
3,198,941
Clackamas
River
Water
,
Revenue
,
2016
,
5
%
,
11/01/43
.......................
1,970,000
2,219,602
Coos
County
School
District
No.
13
North
Bend
,
GO
,
2002
,
AGMC
Insured
,
5
%
,
6/15/22
.........................................................
55,000
55,213
Coos
County
School
District
No.
9
Coos
Bay
,
GO
,
2018
,
5
%
,
6/15/43
............
5,005,000
6,141,885
County
of
Yamhill
,
c
George
Fox
University,
Revenue,
2021,
Refunding,
4%,
12/01/24
..............
750,000
822,385
c
George
Fox
University,
Revenue,
2021,
Refunding,
4%,
12/01/28
..............
875,000
1,028,828
c
George
Fox
University,
Revenue,
2021,
Refunding,
4%,
12/01/31
..............
990,000
1,206,008
c
George
Fox
University,
Revenue,
2021,
Refunding,
4%,
12/01/36
..............
1,200,000
1,443,933
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
176
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
County
of
Yamhill,
(continued)
c
George
Fox
University,
Revenue,
2021,
Refunding,
4%,
12/01/41
..............
$
1,505,000
$
1,782,853
c
George
Fox
University,
Revenue,
2021,
Refunding,
4%,
12/01/46
..............
1,005,000
1,170,812
c
George
Fox
University,
Revenue,
2021,
Refunding,
4%,
12/01/51
..............
2,830,000
3,278,591
Linfield
University,
Revenue,
2020
A,
Refunding,
5%,
10/01/40
................
7,010,000
8,783,744
Crook
County
School
District
,
GO,
2013,
Pre-Refunded,
5%,
6/15/34
..................................
4,475,000
4,798,868
GO,
2013,
Pre-Refunded,
5%,
6/15/37
..................................
8,090,000
8,675,495
Deschutes
County
Hospital
Facilities
Authority
,
St.
Charles
Health
System
Obligated
Group,
Revenue,
2020
A,
4%,
1/01/49
......
5,160,000
6,037,829
St.
Charles
Health
System,
Inc.,
Revenue,
2016
A,
Refunding,
5%,
1/01/48
......
8,440,000
9,665,134
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Terwilliger
Plaza,
Inc.
Obligated
Group
,
Revenue
,
2012
,
Refunding
,
5
%
,
12/01/29
..................
3,690,000
3,806,182
Jackson
County
School
District
No.
5
Ashland
,
GO,
2019,
5%,
6/15/42
.............................................
5,970,000
7,486,868
GO,
2019,
5%,
6/15/43
.............................................
6,495,000
8,131,967
GO,
2019,
5%,
6/15/44
.............................................
6,000,000
7,498,245
Jackson
County
School
District
No.
6
Central
Point
,
GO,
2019
B,
Zero
Cpn
.,
6/15/40
.......................................
705,000
426,076
GO,
2019
B,
Zero
Cpn
.,
6/15/41
.......................................
710,000
411,517
GO,
2019
B,
Zero
Cpn
.,
6/15/42
.......................................
610,000
339,421
GO,
2019
B,
Zero
Cpn
.,
6/15/43
.......................................
820,000
438,647
GO,
2019
B,
Zero
Cpn
.,
6/15/44
.......................................
1,115,000
572,195
GO,
2019
B,
Zero
Cpn
.,
6/15/45
.......................................
985,000
486,352
GO,
2019
B,
Zero
Cpn
.,
6/15/46
.......................................
1,190,000
562,647
GO,
2019
B,
Zero
Cpn
.,
6/15/47
.......................................
1,170,000
532,231
GO,
2019
B,
Zero
Cpn
.,
6/15/48
.......................................
1,320,000
577,755
GO,
2019
B,
Zero
Cpn
.,
6/15/49
.......................................
1,270,000
534,644
Jefferson
County
School
District
No.
509J
,
GO,
2013,
Pre-Refunded,
5%,
6/15/30
..................................
3,000,000
3,217,118
GO,
2013,
Pre-Refunded,
5%,
6/15/31
..................................
1,410,000
1,512,046
Klamath
County
School
District
,
GO,
2013,
Pre-Refunded,
5%,
6/15/29
..................................
1,155,000
1,238,590
GO,
2013,
Pre-Refunded,
5%,
6/15/30
..................................
1,095,000
1,174,248
GO,
2013,
Pre-Refunded,
5%,
6/15/31
..................................
1,000,000
1,072,373
Klamath
Falls
Intercommunity
Hospital
Authority
,
Sky
Lakes
Medical
Center,
Inc.
,
Revenue
,
2016
,
Refunding
,
5
%
,
9/01/46
.................................
1,000,000
1,164,940
Lane
&
Douglas
Counties
School
District
No.
28J
Fern
Ridge
,
GO,
2014
A,
Refunding,
5%,
6/15/30
...................................
3,175,000
3,759,267
GO,
2014
A,
Pre-Refunded,
5%,
6/15/33
................................
2,115,000
2,530,762
GO,
2014
A,
Pre-Refunded,
5%,
6/15/36
................................
2,000,000
2,393,155
Lane
Community
College
,
GO
,
2020
A
,
4
%
,
6/15/40
.........................
1,200,000
1,440,916
Lebanon
Rural
Fire
Protection
District
,
GO
,
2020
,
BAM
Insured
,
4
%
,
6/15/45
.......
5,000,000
5,544,031
Marion
&
Linn
Counties
School
District
No.
14J
Jefferson
,
GO
,
2017
B
,
5
%
,
6/15/41
.
1,360,000
1,620,113
Marion
County
School
District
No.
103
Woodburn
,
GO,
2015,
Pre-Refunded,
5%,
6/15/33
..................................
2,930,000
3,388,086
GO,
2015,
Pre-Refunded,
5%,
6/15/34
..................................
3,200,000
3,700,298
GO,
2015,
Pre-Refunded,
5%,
6/15/35
..................................
2,075,000
2,399,412
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/45
4,500,000
5,680,347
Rogue
Valley
Manor,
Revenue,
2013
A,
Refunding,
5%,
10/01/33
..............
1,500,000
1,594,078
Rogue
Valley
Manor,
Revenue,
2013
A,
Refunding,
5%,
10/01/42
..............
9,420,000
9,966,978
Metro
,
County
of
Multnomah,
Revenue,
2017,
5%,
6/15/42
........................
7,500,000
8,994,814
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
177
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Metro,
(continued)
County
of
Multnomah,
Revenue,
2017,
5%,
6/15/47
........................
$
10,950,000
$
12,932,990
Multnomah
&
Clackamas
Counties
School
District
No.
10JT
Gresham-Barlow
,
GO,
2017
B,
5%,
6/15/37
............................................
7,885,000
9,559,310
GO,
2019
A,
Zero
Cpn
.,
6/15/39
.......................................
9,500,000
5,766,161
Multnomah
County
School
District
No.
40
,
GO,
2012
B,
Zero
Cpn
.,
6/15/24
.......................................
1,640,000
1,619,373
GO,
2012
B,
Zero
Cpn
.,
6/15/25
.......................................
1,325,000
1,293,284
GO,
2012
B,
Zero
Cpn
.,
6/15/26
.......................................
2,585,000
2,486,841
GO,
2012
B,
Zero
Cpn
.,
6/15/27
.......................................
2,655,000
2,508,691
GO,
2012
B,
Zero
Cpn
.,
6/15/28
.......................................
2,495,000
2,308,721
GO,
2012
B,
Zero
Cpn
.,
6/15/29
.......................................
2,595,000
2,348,724
GO,
2012
B,
Zero
Cpn
.,
6/15/30
.......................................
1,885,000
1,666,504
GO,
2012
B,
Zero
Cpn
.,
6/15/31
.......................................
2,030,000
1,751,008
GO,
2012
B,
Zero
Cpn
.,
6/15/32
.......................................
2,000,000
1,687,131
Multnomah-Clackamas
Counties
Centennial
School
District
No.
28JT
,
GO,
2020,
Refunding,
4%,
6/15/38
.....................................
1,050,000
1,272,035
GO,
2020,
Refunding,
4%,
6/15/39
.....................................
2,250,000
2,710,309
GO,
2020,
Refunding,
5%,
6/15/50
.....................................
24,655,000
31,341,009
Oregon
City
School
District
No.
62
,
GO,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
6/01/29
......................
440,000
490,637
GO,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
6/01/29
......................
560,000
625,191
GO,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
6/01/34
......................
780,000
869,765
GO,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
6/01/34
......................
990,000
1,105,248
GO,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
6/01/39
......................
550,000
613,296
GO,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
6/01/39
......................
700,000
781,489
GO,
2018
B,
Refunding,
5%,
6/15/49
...................................
20,000,000
24,655,140
Oregon
Health
&
Science
University
,
Oregon
Health
&
Science
University
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/42
..................................
10,000,000
12,152,849
Oregon
State
Facilities
Authority
,
CHF-Ashland
LLC,
Revenue,
2012,
Pre-Refunded,
AGMC
Insured,
5%,
7/01/44
...
3,910,000
4,019,937
d
CHNW
Clifton
House
LLC,
Revenue,
144A,
A,
4%,
10/01/26
.................
1,405,000
1,465,748
d
CHNW
Clifton
House
LLC,
Revenue,
144A,
A,
5%,
10/01/36
.................
1,670,000
1,795,736
d
CHNW
Clifton
House
LLC,
Revenue,
144A,
A,
5%,
10/01/48
.................
4,000,000
4,279,027
Legacy
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
6/01/46
......
8,000,000
9,315,393
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2015
C,
5%,
10/01/45
..
4,000,000
4,607,434
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
10/01/41
.......................................................
7,800,000
9,056,419
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2016
A,
Pre-Refunded,
5%,
10/01/46
...................................................
220,000
264,293
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2016
A,
5%,
10/01/46
.
3,280,000
3,785,368
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/40
.......................................................
8,125,000
10,143,404
Willamette
University,
Revenue,
2016
B,
Refunding,
5%,
10/01/40
.............
1,950,000
2,251,393
Willamette
University,
Revenue,
2021
A,
Refunding,
4%,
10/01/51
.............
35,120,000
40,034,285
Oregon
State
Lottery
,
Revenue,
2013
A,
Pre-Refunded,
5%,
4/01/28
............................
5,800,000
6,169,015
Revenue,
2013
A,
Pre-Refunded,
5%,
4/01/32
............................
5,000,000
5,318,116
Oregon
State
University
,
Revenue
,
2015
A
,
5
%
,
4/01/45
......................
12,500,000
14,187,046
Port
of
Portland
,
Airport,
Revenue,
Twenty-Five
A,
5%,
7/01/49
............................
12,425,000
15,312,837
Airport,
Revenue,
Twenty-Five
B,
5%,
7/01/44
............................
16,250,000
19,964,043
Airport,
Revenue,
Twenty-Four
A,
5%,
7/01/47
............................
4,700,000
5,577,292
Airport,
Revenue,
Twenty-Four
B,
5%,
7/01/47
............................
9,395,000
11,067,404
Airport,
Revenue,
Twenty-Seven
A,
5%,
7/01/38
...........................
10,000,000
12,572,557
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
178
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Port
of
Portland,
(continued)
Airport,
Revenue,
Twenty-Six
A,
Refunding,
5%,
7/01/33
....................
$
1,150,000
$
1,486,141
Airport,
Revenue,
Twenty-Six
A,
Refunding,
4%,
7/01/37
....................
600,000
715,941
Airport,
Revenue,
Twenty-Six
A,
Refunding,
4%,
7/01/40
....................
500,000
592,903
Airport,
Revenue,
Twenty-Six
B,
Refunding,
5%,
7/01/37
....................
800,000
1,025,928
Airport,
Revenue,
Twenty-Six
B,
Refunding,
5%,
7/01/40
....................
675,000
860,991
Airport,
Revenue,
Twenty-Six
C,
Refunding,
5%,
7/01/28
....................
1,300,000
1,615,852
Salem
Hospital
Facility
Authority
,
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/33
.............
555,000
639,100
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/38
.............
500,000
572,284
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/43
.............
2,250,000
2,559,727
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/48
.............
2,700,000
3,060,538
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/53
.............
1,000,000
1,128,971
Salem
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
5/15/46
.......
40,500,000
46,835,881
Salem-Keizer
School
District
No.
24J
,
GO,
2009
B,
Zero
Cpn
.,
6/15/30
.......................................
8,500,000
7,495,659
GO,
2020
C,
4%,
6/15/37
............................................
5,000,000
6,045,801
GO,
2020
C,
4%,
6/15/38
............................................
10,000,000
12,025,368
Santiam
Canyon
School
District
129J
,
GO,
2019,
5%,
6/15/39
.............................................
1,000,000
1,262,830
GO,
2019,
5%,
6/15/44
.............................................
2,330,000
2,911,819
Seaside
School
District
No.
10
,
GO,
2017
B,
5%,
6/15/35
............................................
2,000,000
2,429,294
GO,
2017
B,
5%,
6/15/36
............................................
2,500,000
3,030,908
State
of
Oregon
,
GO,
2007
A,
4.7%,
8/01/42
...........................................
3,050,000
3,059,244
GO,
2015
M,
Pre-Refunded,
5%,
8/01/45
................................
3,315,000
3,862,201
GO,
2015
O,
Pre-Refunded,
5%,
8/01/40
................................
7,005,000
8,161,303
GO,
2017
A,
5%,
5/01/42
............................................
10,000,000
11,996,893
GO,
2017
H,
5%,
8/01/42
............................................
15,000,000
18,129,018
GO,
2019
A,
5%,
5/01/44
............................................
5,000,000
6,269,223
GO,
2019
G,
5%,
8/01/44
............................................
25,370,000
32,015,755
GO,
2020
E,
Refunding,
5%,
6/01/39
...................................
1,785,000
2,307,391
GO,
2020
E,
Refunding,
5%,
6/01/40
...................................
1,640,000
2,116,462
GO,
H,
Pre-Refunded,
5%,
5/01/36
....................................
1,000,000
1,020,090
GO,
L,
Refunding,
5%,
8/01/42
........................................
3,270,000
3,952,126
Department
of
Transportation,
Revenue,
Sub.
Lien,
2019
A,
Refunding,
5%,
11/15/37
12,500,000
16,046,033
Department
of
Transportation,
Revenue,
Sub.
Lien,
2019
A,
Refunding,
5%,
11/15/42
30,000,000
38,149,596
Department
of
Transportation,
Revenue,
Sub.
Lien,
2020
A,
5%,
11/15/40
.......
25,000,000
32,629,118
Housing
&
Community
Services
Department,
Revenue,
2018
B,
2.9%,
7/01/43
....
19,150,000
19,987,033
Housing
&
Community
Services
Department,
Revenue,
2019
A,
2.9%,
7/01/43
....
13,820,000
14,525,197
Tillamook
&
Yamhill
Counties
School
District
No.
101
Nestucca
Valley
,
GO,
2018
B,
5%,
6/15/36
............................................
2,850,000
3,526,370
GO,
2018
B,
5%,
6/15/37
............................................
2,520,000
3,112,636
Tri-County
Metropolitan
Transportation
District
of
Oregon
,
Revenue,
2012
A,
Pre-Refunded,
5%,
9/01/37
............................
11,000,000
11,397,262
Revenue,
2015
A,
Pre-Refunded,
5%,
9/01/40
............................
6,000,000
7,010,183
Revenue,
2018
A,
5%,
10/01/32
.......................................
6,865,000
8,390,100
Revenue,
2018
A,
4%,
9/01/48
........................................
7,850,000
8,967,112
Revenue,
2018
A,
Pre-Refunded,
5%,
9/01/48
............................
18,505,000
22,975,760
Revenue,
Senior
Lien,
2017
A,
Pre-Refunded,
5%,
9/01/41
...................
18,650,000
22,505,354
Revenue,
Senior
Lien,
2019
A,
4%,
9/01/39
..............................
2,550,000
3,046,704
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
179
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Umatilla
County
School
District
No.
16R
Pendleton
,
GO
,
2014
A
,
Pre-Refunded
,
5
%
,
6/15/37
.........................................................
$
4,970,000
$
5,557,537
University
of
Oregon
,
Revenue,
2015
A,
5%,
4/01/45
........................................
20,000,000
22,635,788
Revenue,
2016
A,
5%,
4/01/46
........................................
11,690,000
13,603,814
Revenue,
2020
A,
5%,
4/01/50
........................................
20,000,000
25,229,986
d
Warm
Springs
Reservation
Confederated
Tribe
,
Revenue,
144A,
2019
B,
Refunding,
5%,
11/01/33
.........................
250,000
304,437
Revenue,
144A,
2019
B,
Refunding,
5%,
11/01/34
.........................
200,000
243,108
Revenue,
144A,
2019
B,
Refunding,
5%,
11/01/36
.........................
750,000
909,357
Revenue,
144A,
2019
B,
Refunding,
5%,
11/01/39
.........................
700,000
844,345
Washington
&
Clackamas
Counties
School
District
No.
23J
Tigard-Tualatin
,
GO,
2017,
5%,
6/15/36
.............................................
9,400,000
11,413,145
GO,
2017,
5%,
6/15/37
.............................................
6,000,000
7,274,047
Washington
&
Multnomah
Counties
School
District
No.
48J
Beaverton
,
GO,
2014
B,
Pre-Refunded,
5%,
6/15/33
................................
8,000,000
8,945,733
GO,
2014
B,
Pre-Refunded,
5%,
6/15/34
................................
11,000,000
12,300,384
GO,
2017
D,
5%,
6/15/35
............................................
10,000,000
12,158,499
GO,
2017
D,
5%,
6/15/36
............................................
10,000,000
12,141,643
Washington
Clackamas
&
Yamhill
Counties
School
District
No.
88J
,
GO,
2018
A,
Zero
Cpn
.,
6/15/38
.......................................
2,350,000
1,404,244
GO,
2018
A,
Zero
Cpn
.,
6/15/39
.......................................
3,275,000
1,869,623
Washington
County
School
District
No.
15
Forest
Grove
,
GO,
2012
B,
Zero
Cpn
.,
6/15/29
.......................................
2,545,000
2,279,461
GO,
2012
B,
Zero
Cpn
.,
6/15/30
.......................................
2,490,000
2,171,740
GO,
2012
B,
Zero
Cpn
.,
6/15/31
.......................................
3,140,000
2,667,775
Yachats
Rural
Fire
Protection
District
,
GO
,
2017
,
AGMC
Insured
,
5
%
,
6/15/47
......
1,600,000
1,886,033
1,217,032,710
Texas
0.0%
†
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/30
250,000
313,918
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/31
250,000
318,259
632,177
Washington
0.2%
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/44
.............................
2,000,000
2,458,570
Wisconsin
0.6%
d
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
.................................
8,600,000
8,600,000
U.S.
Territories
1.4%
Puerto
Rico
1.4%
Children's
Trust
Fund
,
Revenue
,
2002
,
5.625
%
,
5/15/43
......................
6,000,000
6,035,230
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,300,000
1,409,808
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/34
....................
1,000,000
1,089,043
e
Revenue,
WW-RSA-1,
5.25%,
7/01/33
..................................
7,040,000
6,952,000
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
1,100,000
1,187,421
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
1,000,000
1,086,566
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
180
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Highway
&
Transportation
Authority,
(continued)
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
$
400,000
$
436,160
18,196,228
Total
U.S.
Territories
....................................................................
18,196,228
Total
Municipal
Bonds
(Cost
$1,205,095,714)
...................................
1,297,832,043
a
a
a
a
Short
Term
Investments
3.4%
Municipal
Bonds
3.4%
Oregon
3.4%
f
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group,
Revenue,
2018
A,
Refunding,
LOC
US
Bank
NA,
Daily
VRDN
and
Put,
0.02%,
8/01/34
.................................
5,000,000
5,000,000
PeaceHealth
Obligated
Group,
Revenue,
2018
B,
Refunding,
LOC
TD
Bank
NA,
Daily
VRDN
and
Put,
0.03%,
8/01/34
.................................
39,500,000
39,500,000
f
State
of
Oregon
,
GO
,
2020
M
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.02
%
,
12/01/44
........................................................
1,000,000
1,000,000
45,500,000
Total
Municipal
Bonds
(Cost
$45,500,000)
......................................
45,500,000
Total
Short
Term
Investments
(Cost
$45,500,000
)
................................
45,500,000
a
Total
Investments
(Cost
$1,250,595,714)
101.4%
................................
$1,343,332,043
Other
Assets,
less
Liabilities
(1.4)%
...........................................
(18,722,640)
Net
Assets
100.0%
...........................................................
$1,324,609,403
†
Rounds
to
less
than
0.1%
of
net
assets.
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Security
purchased
on
a
when-issued
basis.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
aggregate
value
of
these
securities
was
$18,441,758,
representing
1.4%
of
net
assets.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
f
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
Pennsylvania
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
181
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.3%
Alabama
0.5%
a
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2021
B
,
Mandatory
Put
,
4
%
,
12/01/31
.....................................................
$
4,000,000
$
4,816,879
Florida
0.5%
Capital
Trust
Agency,
Inc.
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
................
5,688,000
5,700,969
Illinois
1.4%
b
Metropolitan
Pier
&
Exposition
Authority
,
Revenue,
2022
A,
Refunding,
4%,
12/15/42
..............................
2,750,000
3,147,880
Revenue,
2022
A,
Refunding,
4%,
6/15/52
...............................
2,000,000
2,259,265
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
2,000,000
2,339,888
GO,
2017
C,
5%,
11/01/29
...........................................
1,000,000
1,201,749
GO,
2017
D,
5%,
11/01/27
...........................................
2,000,000
2,420,273
GO,
2020,
5.5%,
5/01/30
............................................
1,000,000
1,306,768
GO,
2021
A,
5%,
3/01/32
............................................
1,500,000
1,921,765
GO,
2021
A,
4%,
3/01/39
............................................
500,000
583,571
15,181,159
New
Jersey
0.7%
New
Jersey
Economic
Development
Authority
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/46
...
1,000,000
1,139,823
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2020
AA,
5%,
6/15/35
.......................................
2,000,000
2,552,325
Revenue,
2020
AA,
4%,
6/15/37
.......................................
1,000,000
1,165,695
Revenue,
2020
AA,
5%,
6/15/39
.......................................
2,240,000
2,819,351
7,677,194
New
York
1.4%
Metropolitan
Transportation
Authority
,
Revenue,
2021
A-1,
4%,
11/15/44
.....................................
7,000,000
8,044,239
Revenue,
2021
A-1,
4%,
11/15/46
.....................................
5,750,000
6,583,295
14,627,534
Pennsylvania
91.8%
Allegheny
County
Airport
Authority
,
Revenue,
2021
A,
5%,
1/01/36
........................................
10,000,000
12,773,252
Revenue,
2021
B,
5%,
1/01/36
........................................
2,735,000
3,530,747
Allegheny
County
Higher
Education
Building
Authority
,
Robert
Morris
University,
Revenue,
2017,
5%,
10/15/37
.....................
1,000,000
1,152,766
Robert
Morris
University,
Revenue,
2017,
5%,
10/15/47
.....................
1,300,000
1,472,544
Allegheny
County
Sanitary
Authority
,
Revenue
,
2018
,
5
%
,
6/01/43
...............
7,000,000
8,615,283
b
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/42
.............................................
8,875,000
10,995,656
Avon
Grove
School
District
Chester
County
,
GO,
2021
A,
4%,
11/15/35
...........................................
500,000
597,106
GO,
2021
A,
4%,
11/15/36
...........................................
1,000,000
1,191,795
GO,
2021
A,
4%,
11/15/37
...........................................
1,250,000
1,484,823
GO,
2021
A,
4%,
11/15/38
...........................................
1,890,000
2,242,947
GO,
2021
A,
4%,
11/15/40
...........................................
2,700,000
3,197,911
Berks
County
Industrial
Development
Authority
,
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
5/15/42
........................................................
1,000,000
1,143,124
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
5/15/47
........................................................
600,000
681,909
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2017
C,
5%,
5/15/37
......
1,245,000
1,370,161
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
182
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Berks
County
Industrial
Development
Authority,
(continued)
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
5/15/38
$
1,030,000
$
1,151,449
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
5/15/48
1,000,000
1,107,951
Blue
Mountain
School
District
,
GO,
2021
B,
AGMC
Insured,
4%,
8/01/32
................................
1,000,000
1,199,191
GO,
2021
B,
AGMC
Insured,
4%,
8/01/35
................................
1,000,000
1,193,404
Bristol
Township
School
District
,
GO
,
2021
C
,
BAM
Insured
,
3
%
,
6/01/37
..........
1,250,000
1,386,147
Bucks
County
Industrial
Development
Authority
,
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2019,
4%,
8/15/44
.............
1,500,000
1,708,958
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2021,
3%,
8/15/53
.............
12,000,000
12,406,496
Bucks
County
Water
and
Sewer
Authority
,
Revenue
,
2011
,
Pre-Refunded
,
AGMC
Insured
,
5
%
,
12/01/41
..............................................
10,000,000
10,000,000
Butler
County
Hospital
Authority
,
Butler
Health
System
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/39
.......................................
1,625,000
1,823,504
Canon
Mcmillan
School
District
,
GO,
2019,
Refunding,
BAM
Insured,
4%,
6/01/44
..........................
6,075,000
6,830,730
GO,
2019,
Refunding,
BAM
Insured,
4%,
6/01/46
..........................
7,680,000
8,604,785
GO,
2019,
Refunding,
BAM
Insured,
4%,
6/01/48
..........................
5,250,000
5,865,674
GO,
2019,
Refunding,
BAM
Insured,
4%,
6/01/50
..........................
6,000,000
6,734,739
Central
Bradford
Progress
Authority
,
Guthrie
Clinic
(The),
Revenue,
2011,
Pre-Refunded,
5.375%,
12/01/41
..........
3,000,000
3,000,000
Guthrie
Clinic
(The),
Revenue,
2021
B,
4%,
12/01/51
.......................
5,000,000
5,826,680
Centre
County
Hospital
Authority
,
Mount
Nittany
Medical
Center
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
11/15/42
.......................................................
1,215,000
1,470,058
Mount
Nittany
Medical
Center
Obligated
Group,
Revenue,
2018
A,
Refunding,
4%,
11/15/47
.......................................................
1,840,000
2,078,448
Chester
County
Industrial
Development
Authority
,
University
Student
Housing
LLC,
Revenue,
2013
A,
5%,
8/01/35
...............
500,000
517,991
University
Student
Housing
LLC,
Revenue,
2013
A,
5%,
8/01/45
...............
1,500,000
1,545,557
City
of
Erie
Higher
Education
Building
Authority
,
Gannon
University,
Revenue,
2021
TT-1,
4%,
5/01/36
......................
400,000
467,873
Gannon
University,
Revenue,
2021
TT-1,
4%,
5/01/41
......................
1,000,000
1,157,103
Gannon
University,
Revenue,
2021
TT-1,
5%,
5/01/47
......................
480,000
595,944
City
of
Philadelphia
,
GO,
2019
B,
5%,
2/01/36
............................................
3,300,000
4,138,003
GO,
2019
B,
5%,
2/01/37
............................................
4,950,000
6,198,712
GO,
2019
B,
5%,
2/01/38
............................................
2,500,000
3,119,530
GO,
2019
B,
5%,
2/01/39
............................................
2,500,000
3,118,095
GO,
2021
A,
4%,
5/01/42
............................................
8,320,000
9,881,577
Airport,
Revenue,
2017
B,
Refunding,
5%,
7/01/42
.........................
10,000,000
11,937,045
Airport,
Revenue,
2020
C,
Refunding,
4%,
7/01/45
.........................
2,725,000
3,152,989
Airport,
Revenue,
2020
C,
Refunding,
4%,
7/01/50
.........................
3,225,000
3,711,995
Airport,
Revenue,
2021,
Refunding,
5%,
7/01/51
...........................
11,600,000
14,547,813
Water
&
Wastewater,
Revenue,
2013
A,
Pre-Refunded,
5.125%,
1/01/43
........
5,000,000
5,019,912
Water
&
Wastewater,
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/40
............
10,000,000
11,187,110
Water
&
Wastewater,
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/45
............
5,000,000
5,593,555
Water
&
Wastewater,
Revenue,
2017
A,
5%,
10/01/42
......................
10,000,000
12,322,870
Water
&
Wastewater,
Revenue,
2017
A,
5%,
10/01/47
......................
5,000,000
6,056,877
Water
&
Wastewater,
Revenue,
2018
A,
5%,
10/01/43
......................
5,000,000
6,236,255
Water
&
Wastewater,
Revenue,
2019
B,
5%,
11/01/49
......................
5,000,000
6,247,582
Water
&
Wastewater,
Revenue,
2021
C,
5%,
10/01/46
......................
5,000,000
6,442,576
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
183
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Colonial
School
District
,
GO
,
2021
A
,
3
%
,
2/15/40
...........................
$
1,650,000
$
1,797,516
Commonwealth
Financing
Authority
,
Commonwealth
of
Pennsylvania
Department
of
Community
&
Economic
Development
,
Revenue
,
2015
A
,
5
%
,
6/01/34
..........
10,000,000
11,448,946
Commonwealth
of
Pennsylvania
,
GO,
2019,
Refunding,
5%,
7/15/29
.....................................
10,000,000
12,845,722
GO,
First
Series,
2020,
3%,
5/01/36
....................................
22,070,000
24,415,686
Conestoga
Valley
School
District
,
GO,
2021
A,
4%,
2/01/36
............................................
1,100,000
1,313,110
Revenue,
2021
B,
4%,
2/01/36
........................................
1,020,000
1,218,431
County
of
Beaver
,
GO
,
2017
,
BAM
Insured
,
4
%
,
4/15/29
......................
1,660,000
1,952,072
County
of
Jefferson
,
GO,
2021,
Refunding,
AGMC
Insured,
3%,
12/15/35
........................
650,000
724,945
GO,
2021,
Refunding,
AGMC
Insured,
3%,
12/15/37
........................
770,000
855,383
GO,
2021,
Refunding,
AGMC
Insured,
3%,
12/15/39
........................
520,000
575,302
County
of
Monroe
,
GO,
2021
A,
4%,
7/15/36
............................................
5,440,000
6,465,752
GO,
2021
A,
4%,
7/15/37
............................................
5,500,000
6,523,048
County
of
Montgomery
,
GO,
2021
A,
5%,
1/01/38
............................................
6,825,000
8,949,230
GO,
2021
A,
5%,
1/01/39
............................................
7,175,000
9,396,001
County
of
York
,
GO
,
2020
B
,
4
%
,
6/01/38
.................................
860,000
1,029,645
Cumberland
County
Municipal
Authority
,
Dickinson
College
,
Revenue
,
2012
,
5
%
,
11/01/42
........................................................
4,500,000
4,673,360
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2014
,
Refunding
,
5
%
,
5/01/37
......................................................
2,500,000
2,660,601
Dauphin
County
General
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2012
A
,
5
%
,
6/01/42
.........................................................
15,590,000
15,939,732
Delaware
County
Authority
,
Elwyn
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
6/01/27
..............
2,800,000
3,101,330
Elwyn
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
6/01/32
..............
1,620,000
1,768,484
Villanova
University,
Revenue,
2015,
4%,
8/01/45
..........................
2,120,000
2,331,418
Delaware
County
Regional
Water
Quality
Control
Authority
,
Revenue
,
2016
,
4
%
,
11/01/36
........................................................
2,005,000
2,278,027
Delaware
County
Vocational
&
Technical
School
Authority
,
Delaware
County
Intermediate
Unit
,
Revenue
,
2013
,
BAM
Insured
,
5
%
,
11/01/38
................
1,250,000
1,361,624
DuBois
Hospital
Authority
,
Penn
Highlands
Healthcare
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/15/41
........................................................
1,000,000
1,180,181
Penn
Highlands
Healthcare
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/15/51
........................................................
4,000,000
4,619,968
East
Hempfield
Township
Industrial
Development
Authority
,
Student
Services,
Inc.,
Revenue,
2013,
Pre-Refunded,
5%,
7/01/45
............
3,250,000
3,488,872
Student
Services,
Inc.,
Revenue,
2015,
Pre-Refunded,
5%,
7/01/47
............
3,750,000
4,342,060
Easton
Area
School
District
,
GO
,
2021
,
4
%
,
4/01/32
.........................
1,450,000
1,743,494
Erie
City
Water
Authority
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
12/01/43
...........
6,000,000
7,306,637
Fairview
School
District
,
GO,
2021,
BAM
Insured,
3%,
9/15/37
...................................
1,195,000
1,303,031
GO,
2021,
BAM
Insured,
3%,
9/15/38
...................................
1,000,000
1,087,795
GO,
2021,
BAM
Insured,
3%,
9/15/39
...................................
1,000,000
1,084,990
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
184
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Falls
Township
Authority
,
Revenue
,
2011
,
Refunding
,
5
%
,
12/01/41
..............
$
2,210,000
$
2,210,000
Geisinger
Authority
,
Geisinger
Health
System
Obligated
Group
,
Revenue
,
2017
A-1
,
Refunding
,
5
%
,
2/15/45
.............................................
19,055,000
22,782,450
General
Authority
of
Southcentral
Pennsylvania
,
WellSpan
Health
Obligated
Group
,
Revenue
,
2014
A
,
Pre-Refunded
,
5
%
,
6/01/44
............................
11,955,000
13,346,709
Governor
Mifflin
School
District
,
GO,
2020
A,
4%,
4/01/40
............................................
680,000
787,723
GO,
2020
A,
4%,
4/01/41
............................................
1,700,000
1,966,824
GO,
2021,
3%,
4/01/35
.............................................
810,000
884,577
GO,
2021,
3%,
4/01/36
.............................................
625,000
681,118
GO,
2021,
3%,
4/01/37
.............................................
1,000,000
1,087,601
GO,
2021,
3%,
4/01/38
.............................................
1,000,000
1,085,855
GO,
2021,
3%,
4/01/39
.............................................
1,015,000
1,100,176
GO,
2021,
4%,
4/01/40
.............................................
800,000
930,077
GO,
2021,
4%,
4/01/41
.............................................
1,100,000
1,277,141
Greater
Johnstown
Water
Authority
,
Sewer,
Revenue,
2020,
AGMC
Insured,
4%,
8/15/38
.......................
1,740,000
2,038,545
Sewer,
Revenue,
2020,
AGMC
Insured,
4%,
8/15/41
.......................
2,650,000
3,097,124
Huntingdon
County
General
Authority
,
Juniata
College
,
Revenue
,
2021
TT-3
,
Refunding
,
5
%
,
10/01/51
............................................
2,520,000
3,053,042
Lancaster
County
Hospital
Authority
,
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
8/15/46
.............
4,165,000
4,903,956
Lancaster
Industrial
Development
Authority
,
Landis
Homes
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/51
........
2,780,000
2,999,625
Willow
Valley
Communities
Obligated
Group,
Revenue,
2019,
5%,
12/01/44
......
1,850,000
2,129,371
Willow
Valley
Communities
Obligated
Group,
Revenue,
2019,
5%,
12/01/49
......
2,300,000
2,635,552
Lancaster
School
District
,
GO,
2020,
AGMC
Insured,
4%,
6/01/34
.................................
1,000,000
1,182,940
GO,
2020,
AGMC
Insured,
4%,
6/01/35
.................................
1,850,000
2,185,292
Latrobe
Industrial
Development
Authority
,
Seton
Hill
University,
Revenue,
2021,
Refunding,
4%,
3/01/46
................
750,000
814,154
Seton
Hill
University,
Revenue,
2021,
Refunding,
4%,
3/01/51
................
800,000
865,301
St.
Vincent
College
Corp.,
Revenue,
2013,
5%,
5/01/43
.....................
4,120,000
4,282,583
Lehigh
County
Authority
,
Revenue,
2013
A,
Pre-Refunded,
5%,
12/01/43
...........................
2,805,000
3,063,877
Revenue,
2013
A,
5%,
12/01/43
.......................................
2,435,000
2,634,987
Lehigh
County
General
Purpose
Authority
,
Good
Shepherd
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/01/41
..............................
4,345,000
5,141,054
Lycoming
County
Authority
,
Lycoming
College,
Revenue,
2013
MM-1,
5.25%,
11/01/38
...................
1,400,000
1,524,359
Lycoming
College,
Revenue,
2013
MM-1,
5.25%,
11/01/43
...................
1,495,000
1,625,098
Mckeesport
Area
School
District
,
GO
,
2020
B
,
AGMC
Insured
,
4
%
,
10/01/40
.......
1,500,000
1,762,203
Monroe
County
Hospital
Authority
,
Lehigh
Valley
Health
Network
Obligated
Group
,
Revenue
,
2012
A
,
Pre-Refunded
,
5
%
,
1/01/41
............................
4,000,000
4,015,362
Montgomery
County
Higher
Education
and
Health
Authority
,
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
9/01/43
........................................................
3,000,000
3,637,759
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
9/01/44
........................................................
10,000,000
11,424,474
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
4%,
11/15/43
.......................................................
600,000
690,371
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
5%,
11/15/45
.......................................................
1,985,000
2,394,294
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
185
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Montgomery
County
Industrial
Development
Authority,
(continued)
Main
Line
Health
System,
Inc.
Obligated
Group,
Revenue,
2012
A,
Pre-Refunded,
5%,
10/01/41
...................................................
$
9,600,000
$
9,752,569
Meadowood
Corp.
Obligated
Group
(The),
Revenue,
2018
A,
Refunding,
5%,
12/01/38
.......................................................
2,500,000
2,836,035
Public
School
of
Germantown
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/51
..
2,450,000
2,827,822
Waverly
Heights
Ltd.
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
12/01/49
..
2,000,000
2,291,784
New
Kensington
Municipal
Sanitary
Authority
,
Revenue
,
2021
A
,
AGMC
Insured
,
3
%
,
12/01/38
........................................................
500,000
544,235
Northampton
County
General
Purpose
Authority
,
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
8/15/46
...
10,000,000
11,664,241
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/15/43
...
2,285,000
2,782,304
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/15/48
...
2,500,000
3,025,255
Northeastern
Pennsylvania
Hospital
and
Education
Authority
,
King's
College,
Revenue,
2019,
5%,
5/01/44
.............................
1,000,000
1,179,675
Wilkes
University,
Revenue,
2012
A,
5.25%,
3/01/42
........................
2,400,000
2,422,889
Northeastern
School
District
,
GO,
2021
A,
BAM
Insured,
3%,
3/01/38
.................................
850,000
923,405
GO,
2021
A,
BAM
Insured,
3%,
3/01/41
.................................
775,000
837,489
Northern
Lebanon
School
District
,
GO
,
2021
,
BAM
Insured
,
3
%
,
9/01/36
..........
1,895,000
2,084,326
Pennsylvania
Economic
Development
Financing
Authority
,
City
of
Philadelphia
Water
&
Wastewater,
Revenue,
2020,
Refunding,
4%,
1/01/29
.
500,000
577,237
City
of
Philadelphia
Water
&
Wastewater,
Revenue,
2020,
Refunding,
4%,
1/01/32
.
1,300,000
1,531,257
UPMC
Obligated
Group,
Revenue,
2014
A,
5%,
2/01/45
.....................
5,000,000
5,543,917
UPMC
Obligated
Group,
Revenue,
2017
A,
Refunding,
4%,
11/15/42
...........
5,000,000
5,684,457
UPMC
Obligated
Group,
Revenue,
2020
A,
4%,
4/15/45
.....................
8,835,000
10,287,384
UPMC
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/37
...........
1,375,000
1,666,403
UPMC
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/39
...........
1,325,000
1,596,269
UPMC
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/40
...........
1,200,000
1,440,501
Pennsylvania
Higher
Educational
Facilities
Authority
,
Bryn
Mawr
College,
Revenue,
2014,
Refunding,
5%,
12/01/44
................
6,365,000
7,119,291
Foundation
for
Indiana
University
of
Pennsylvania
(The),
Revenue,
2012
A,
Pre-
Refunded,
5%,
7/01/41
............................................
1,250,000
1,284,967
Gwynedd
Mercy
University,
Revenue,
2012
KK-1,
5.375%,
5/01/42
............
1,800,000
1,827,950
Shippensburg
University
Student
Services,
Inc.,
Revenue,
2012,
Pre-Refunded,
5%,
10/01/35
.......................................................
1,400,000
1,455,864
Shippensburg
University
Student
Services,
Inc.,
Revenue,
2012,
Pre-Refunded,
5%,
10/01/44
.......................................................
2,000,000
2,079,806
Temple
University-of
The
Commonwealth
System
of
Higher
Education,
Revenue,
First
Series,
2012,
Pre-Refunded,
5%,
4/01/42
..........................
15,000,000
15,240,927
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
9/01/45
........................................................
7,465,000
8,404,113
Trustees
of
the
University
of
Pennsylvania
(The),
Revenue,
2017
A,
5%,
8/15/36
..
2,750,000
3,302,837
Trustees
of
the
University
of
Pennsylvania
(The),
Revenue,
2017
A,
5%,
8/15/46
..
14,000,000
16,685,728
Trustees
of
the
University
of
Pennsylvania
(The),
Revenue,
2018
A,
5%,
2/15/48
..
5,000,000
6,104,630
University
of
Pennsylvania
Health
System
Obligated
Group
(The),
Revenue,
2015,
Refunding,
5%,
8/15/40
............................................
6,475,000
7,430,099
University
of
Pennsylvania
Health
System
Obligated
Group
(The),
Revenue,
2017
A,
4%,
8/15/42
....................................................
5,000,000
5,680,308
University
of
Pennsylvania
Health
System
Obligated
Group
(The),
Revenue,
2017
A,
5%,
8/15/42
....................................................
9,000,000
10,906,457
University
of
Sciences,
Revenue,
2012,
5%,
11/01/42
.......................
5,000,000
5,161,838
Widener
University,
Revenue,
2021
A,
Refunding,
4%,
7/15/46
................
4,025,000
4,624,925
Widener
University,
Revenue,
2021
A,
Refunding,
4%,
7/15/51
................
6,780,000
7,748,704
Pennsylvania
Housing
Finance
Agency
,
Revenue,
2019-129,
3.4%,
10/01/49
...................................
6,000,000
6,334,372
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
186
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Pennsylvania
Housing
Finance
Agency,
(continued)
Revenue,
2020-132
A,
2.55%,
10/01/41
.................................
$
11,280,000
$
11,564,286
Pennsylvania
State
University
(The)
,
Revenue,
2015
A,
Refunding,
5%,
9/01/40
...............................
10,490,000
12,053,316
Revenue,
2016
A,
Refunding,
5%,
9/01/41
...............................
10,000,000
11,845,931
Revenue,
2017
A,
5%,
9/01/42
........................................
15,750,000
19,179,983
Revenue,
2017
A,
5%,
9/01/47
........................................
10,000,000
12,103,113
Revenue,
2018,
5%,
9/01/48
.........................................
5,955,000
7,346,528
Pennsylvania
Turnpike
Commission
,
Revenue,
2013
C,
Pre-Refunded,
5%,
12/01/43
...........................
7,595,000
8,309,384
Revenue,
2013
C,
5%,
12/01/43
.......................................
2,405,000
2,612,937
Revenue,
2018
A,
5%,
12/01/48
.......................................
18,600,000
22,974,432
Revenue,
2021
A,
Refunding,
4%,
12/01/39
..............................
2,655,000
3,182,309
Revenue,
2021
A,
4%,
12/01/50
.......................................
10,000,000
11,550,320
Revenue,
2021
B,
4%,
12/01/37
.......................................
1,500,000
1,797,264
Philadelphia
Authority
for
Industrial
Development
,
Beech
International
LLC,
Revenue,
2010
A,
5.625%,
6/15/42
.................
4,000,000
4,008,846
Children's
Hospital
of
Philadelphia
Obligated
Group,
Revenue,
2014
A,
5%,
7/01/42
5,000,000
5,567,514
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/30
............
200,000
235,310
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/40
............
300,000
365,214
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/50
............
2,515,000
3,014,987
Temple
University-of
The
Commonwealth
System
of
Higher
Education,
Revenue,
First
Series,
2015,
Refunding,
5%,
4/01/40
.............................
5,000,000
5,657,533
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
9/01/47
........................................................
11,150,000
13,222,388
Philadelphia
Gas
Works
Co.
,
Revenue,
14th,
Refunding,
5%,
10/01/32
................................
1,000,000
1,187,727
Revenue,
15th,
Refunding,
5%,
8/01/42
.................................
5,000,000
5,973,362
Revenue,
15th,
Refunding,
5%,
8/01/47
.................................
6,000,000
7,092,615
Philadelphia
Housing
Authority
,
Revenue
,
2002
A
,
AGMC
Insured
,
5
%
,
12/01/21
....
2,560,000
2,560,000
Pittsburgh
Water
&
Sewer
Authority
,
Revenue,
First
Lien
,
2020
B
,
AGMC
Insured
,
4
%
,
9/01/50
.........................................................
6,105,000
7,209,063
Pocono
Mountains
Industrial
Park
Authority
,
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2015
A
,
5
%
,
8/15/40
........................................
5,000,000
5,624,602
Radnor
Township
School
District
,
GO,
2021,
3%,
8/15/35
.............................................
1,400,000
1,543,940
GO,
2021,
4%,
8/15/36
.............................................
1,600,000
1,903,731
GO,
2021,
4%,
8/15/37
.............................................
3,445,000
4,087,806
GO,
2021,
4%,
8/15/38
.............................................
1,430,000
1,695,187
GO,
2021,
4%,
8/15/39
.............................................
1,400,000
1,655,481
School
District
of
Philadelphia
(The)
,
GO
,
2021
A
,
4
%
,
9/01/37
.................
4,000,000
4,774,495
Scranton
School
District
,
GO,
2020,
4%,
12/01/40
.............................................
1,535,000
1,777,197
GO,
2020,
4%,
12/01/42
.............................................
2,835,000
3,271,282
GO,
2020,
4%,
12/01/45
.............................................
3,670,000
4,209,291
Scranton-Lackawanna
Health
and
Welfare
Authority
,
University
of
Scranton
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/01/37
.......................................
4,000,000
4,669,791
State
College
Area
School
District
,
GO,
2015,
5%,
3/15/40
.............................................
16,400,000
18,535,281
GO,
2018,
5%,
5/15/37
.............................................
1,075,000
1,328,469
GO,
2018,
5%,
5/15/44
.............................................
3,500,000
4,278,356
State
Public
School
Building
Authority
,
School
District
of
Philadelphia
(The),
Revenue,
2016
A,
Refunding,
AGMC
Insured,
5%,
6/01/32
....................................................
7,095,000
8,479,902
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
187
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
State
Public
School
Building
Authority,
(continued)
School
District
of
Philadelphia
(The),
Revenue,
2016
A,
Refunding,
AGMC
Insured,
5%,
6/01/33
....................................................
$
3,000,000
$
3,583,965
Swarthmore
Borough
Authority
,
Swarthmore
College
,
Revenue
,
2013
,
5
%
,
9/15/43
..
1,000,000
1,075,365
Township
of
Northampton
,
GO
,
2021
,
4
%
,
5/15/39
...........................
1,495,000
1,754,850
Township
of
Upper
St.
Clair
,
GO,
2021,
4%,
5/15/37
.............................................
535,000
633,838
GO,
2021,
4%,
5/15/39
.............................................
1,000,000
1,180,761
Union
County
Higher
Educational
Facilities
Financing
Authority
,
Bucknell
University
,
Revenue
,
2012
A
,
Pre-Refunded
,
5
%
,
4/01/42
............................
5,000,000
5,079,463
Upper
Merion
Area
School
District
,
GO,
2021
A,
3%,
1/15/39
............................................
1,000,000
1,099,221
GO,
2021
A,
3%,
1/15/40
............................................
1,500,000
1,646,391
GO,
2021
A,
3%,
1/15/41
............................................
1,275,000
1,396,655
Westmoreland
County
Industrial
Development
Authority
,
Excela
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
7/01/29
......
725,000
919,714
Excela
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
7/01/30
......
1,270,000
1,639,424
Excela
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
7/01/37
......
2,400,000
2,848,732
Wilson
School
District
,
GO,
2021
C,
4%,
5/15/30
............................................
2,500,000
3,016,964
GO,
2021
C,
4%,
5/15/31
............................................
2,100,000
2,520,861
GO,
2021
C,
4%,
5/15/32
............................................
1,850,000
2,212,572
974,009,388
Wisconsin
0.7%
c
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
.................................
6,900,000
6,900,000
U.S.
Territories
1.3%
Puerto
Rico
1.3%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,100,000
1,192,915
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/34
....................
1,000,000
1,089,043
d
Revenue,
XX-RSA-1,
5.25%,
7/01/40
...................................
5,175,000
5,110,312
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
950,000
1,025,499
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.5%,
7/01/29
.................
2,500,000
2,797,062
Revenue,
CC,
Refunding,
AGMC
Insured,
5.5%,
7/01/28
....................
755,000
844,220
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
1,290,000
1,406,617
13,465,668
Total
U.S.
Territories
....................................................................
13,465,668
Total
Municipal
Bonds
(Cost
$991,077,355)
.....................................
1,042,378,791
a
a
a
a
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
188
See
Abbreviations
on
page
200
.
Short
Term
Investments
1.9%
a
a
Principal
Amount
a
Value
Municipal
Bonds
1.9%
Pennsylvania
1.9%
e
Allegheny
County
Higher
Education
Building
Authority
,
Carnegie
Mellon
University
,
Revenue
,
2008
A
,
Refunding
,
SPA
Bank
of
New
York
Mellon
(The)
,
Daily
VRDN
and
Put
,
0.03
%
,
12/01/37
...............................................
$
20,500,000
$
20,500,000
Total
Municipal
Bonds
(Cost
$20,500,000)
......................................
20,500,000
Total
Short
Term
Investments
(Cost
$20,500,000
)
................................
20,500,000
a
Total
Investments
(Cost
$1,011,577,355)
100.2%
.................................
$1,062,878,791
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(2,337,305)
Net
Assets
100.0%
...........................................................
$1,060,541,486
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Security
purchased
on
a
when-issued
basis.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
value
of
this
security
was
$6,900,000,
representing
0.7%
of
net
assets.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2021
Franklin
Virginia
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
189
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.5%
Alabama
0.4%
a
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2021
B
,
Mandatory
Put
,
4
%
,
12/01/31
.....................................................
$
2,000,000
$
2,408,439
Florida
0.5%
Capital
Trust
Agency,
Inc.
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
................
3,456,000
3,463,880
Illinois
1.5%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/15/50
..
1,500,000
1,805,559
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
3,250,000
3,802,318
GO,
2017
D,
5%,
11/01/27
...........................................
2,000,000
2,420,273
GO,
2020
B,
5%,
10/01/29
...........................................
1,000,000
1,254,367
9,282,517
New
Jersey
1.2%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2019
BB,
4%,
6/15/50
.......................................
500,000
557,556
Revenue,
2021
A,
Refunding,
5%,
6/15/31
...............................
3,250,000
4,242,882
Revenue,
2021
A,
Refunding,
5%,
6/15/33
...............................
300,000
389,089
Revenue,
2021
A,
Refunding,
4%,
6/15/36
...............................
1,000,000
1,174,717
State
of
New
Jersey
,
GO
,
2020
A
,
5
%
,
6/01/28
.............................
1,200,000
1,491,285
7,855,529
New
York
0.9%
Metropolitan
Transportation
Authority
,
Revenue,
2021
A-1,
4%,
11/15/46
.....................................
550,000
629,706
Revenue,
2021
A-2,
4%,
11/15/41
.....................................
800,000
924,910
Revenue,
2021
A-2,
4%,
11/15/43
.....................................
3,900,000
4,490,464
6,045,080
Texas
0.1%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/28
225,000
274,831
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/29
250,000
309,835
584,666
Virginia
85.9%
Alexandria
Industrial
Development
Authority
,
Goodwin
House,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
10/01/45
..
975,000
1,089,579
Protestant
Episcopal
High
School
in
Virginia,
Revenue,
2021
C,
Refunding,
4%,
1/01/46
........................................................
2,450,000
2,853,562
Arlington
County
Industrial
Development
Authority
,
Virginia
Hospital
Center
Arlington
Health
System,
Revenue,
2020,
Refunding,
4%,
7/01/45
........................................................
2,000,000
2,336,441
Virginia
Hospital
Center
Arlington
Health
System,
Revenue,
2020,
Refunding,
3.75%,
7/01/50
........................................................
10,350,000
11,693,084
Chesapeake
Hospital
Authority
,
Chesapeake
Hospital
Authority
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
7/01/39
........................................................
1,000,000
1,159,540
Chesapeake
Hospital
Authority
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
7/01/43
........................................................
4,000,000
4,603,639
City
of
Hopewell
,
Sewer
System
,
Revenue
,
2011
A
,
Refunding
,
5
%
,
7/15/42
.......
4,850,000
4,865,408
City
of
Newport
News
,
GO,
2021
A,
4%,
2/01/33
............................................
1,750,000
2,177,893
GO,
2021
A,
4%,
2/01/34
............................................
850,000
1,055,890
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
190
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
City
of
Newport
News,
(continued)
GO,
2021
A,
4%,
2/01/35
............................................
$
800,000
$
991,656
City
of
Norfolk
,
GO,
2013
A,
Pre-Refunded,
5%,
8/01/32
................................
5,845,000
6,306,544
GO,
2016
A,
Pre-Refunded,
5%,
10/01/41
...............................
1,040,000
1,258,191
GO,
2016
A,
Pre-Refunded,
5%,
10/01/46
...............................
2,500,000
3,024,498
GO,
2019,
Pre-Refunded,
5%,
8/01/44
..................................
3,995,000
5,077,673
Water,
Revenue,
2018,
5%,
11/01/43
...................................
6,920,000
8,391,932
Water,
Revenue,
2018,
5%,
11/01/47
...................................
6,925,000
8,330,109
City
of
Portsmouth
,
GO
,
2012
A
,
Pre-Refunded
,
5
%
,
7/15/41
...................
4,010,000
4,130,296
City
of
Richmond
,
Public
Utility,
Revenue,
2013
A,
Pre-Refunded,
5%,
1/15/43
..................
10,000,000
10,538,255
Public
Utility,
Revenue,
2016
A,
Refunding,
5%,
1/15/33
.....................
10,000,000
11,766,201
City
of
Virginia
Beach
,
Storm
Water
Utility
,
Revenue
,
2020
A
,
5
%
,
11/15/31
........
2,920,000
3,913,526
Commonwealth
of
Virginia
,
GO
,
2020
A
,
4
%
,
6/01/31
.........................
4,650,000
5,773,183
County
of
Arlington
,
GO,
2019,
4%,
6/15/34
.............................................
2,000,000
2,416,504
GO,
2020
A,
Refunding,
4%,
8/01/38
...................................
9,190,000
11,202,565
County
of
Fairfax
,
GO,
2018
A,
4%,
10/01/34
...........................................
3,000,000
3,542,642
GO,
2020
A,
Refunding,
5%,
10/01/32
..................................
5,735,000
7,532,497
GO,
2020
A,
Refunding,
5%,
10/01/37
..................................
1,980,000
2,577,924
Sewer,
Revenue,
2017,
5%,
7/15/37
....................................
2,760,000
3,379,954
Fairfax
County
Economic
Development
Authority
,
Revenue,
2017,
5%,
4/01/42
.........................................
5,085,000
6,064,932
Goodwin
House,
Inc.
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
10/01/36
4,865,000
5,431,225
Goodwin
House,
Inc.
Obligated
Group,
Revenue,
2016
A,
Refunding,
4%,
10/01/42
1,500,000
1,615,247
Fairfax
County
Industrial
Development
Authority
,
Inova
Health
System
Obligated
Group,
Revenue,
2014
A,
5%,
5/15/44
..........
2,500,000
2,770,493
Inova
Health
System
Obligated
Group,
Revenue,
2018
A,
Refunding,
4%,
5/15/48
.
5,000,000
5,695,724
Fairfax
County
Water
Authority
,
Revenue,
2017,
Refunding,
5%,
4/01/43
.................................
3,510,000
4,227,581
Revenue,
2017,
Refunding,
5%,
4/01/47
.................................
5,000,000
5,989,168
Farmville
Industrial
Development
Authority
,
Elwood
Place
LLC,
Revenue,
2021,
AGMC
Insured,
5.375%,
7/01/53
...........
5,000,000
6,211,944
Longwood
Housing
Foundation
LLC,
Revenue,
2018
A,
Refunding,
5%,
1/01/48
...
5,000,000
5,802,937
Hampton
Roads
Sanitation
District
,
Revenue,
2016
A,
Pre-Refunded,
5%,
8/01/31
............................
6,200,000
7,446,623
Revenue,
2016
A,
Pre-Refunded,
5%,
8/01/33
............................
5,115,000
6,143,464
Revenue,
2016
A,
Pre-Refunded,
5%,
8/01/43
............................
11,840,000
14,220,649
Hampton
Roads
Transportation
Accountability
Commission
,
Revenue,
Senior
Lien,
2018
A,
5%,
7/01/48
..............................
20,000,000
24,400,386
Revenue,
Senior
Lien,
2020
A,
5%,
7/01/50
..............................
4,000,000
5,046,071
Revenue,
Senior
Lien,
2020
A,
5%,
7/01/60
..............................
3,000,000
3,767,403
Revenue,
Senior
Lien,
2020
A,
5.25%,
7/01/60
............................
4,450,000
5,676,502
Henrico
County
Economic
Development
Authority
,
Revenue,
2020,
Refunding,
4%,
10/01/40
................................
500,000
566,755
Revenue,
2020,
Refunding,
4%,
10/01/45
................................
725,000
816,277
Revenue,
2020,
Refunding,
4%,
10/01/50
................................
1,500,000
1,680,557
Bon
Secours
Health
System,
Inc.
Obligated
Group,
Revenue,
2013
C,
Pre-Refunded,
5%,
11/01/30
...................................................
5,000,000
5,219,482
Lexington
Industrial
Development
Authority
,
Lexington
Retirement
Community
Obligated
Group,
Revenue,
2017
A,
5%,
1/01/42
2,000,000
2,117,366
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
191
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Lexington
Industrial
Development
Authority,
(continued)
Washington
&
Lee
University
(The),
Revenue,
2018
A,
Refunding,
5%,
1/01/35
....
$
1,105,000
$
1,355,141
Washington
&
Lee
University
(The),
Revenue,
2018
A,
Refunding,
5%,
1/01/48
....
1,500,000
1,806,615
Loudoun
County
Sanitation
Authority
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/29
....
4,770,000
5,436,576
Lynchburg
Economic
Development
Authority
,
Centra
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
1/01/47
......
4,500,000
5,318,029
Centra
Health
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/47
........
2,350,000
2,741,741
Centra
Health
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/55
........
5,000,000
5,818,015
Montgomery
County
Economic
Development
Authority
,
Virginia
Tech
Foundation,
Inc.,
Revenue,
2019
A,
4%,
6/01/36
................
1,200,000
1,420,175
Virginia
Tech
Foundation,
Inc.,
Revenue,
2019
A,
4%,
6/01/37
................
500,000
590,555
Virginia
Tech
Foundation,
Inc.,
Revenue,
2019
A,
4%,
6/01/38
................
1,750,000
2,063,635
Norfolk
Airport
Authority
,
Revenue,
2019,
5%,
7/01/37
.........................................
1,000,000
1,248,870
Revenue,
2019,
5%,
7/01/39
.........................................
800,000
995,771
Revenue,
2019,
5%,
7/01/43
.........................................
2,925,000
3,607,245
Northern
Virginia
Transportation
Authority
,
Special
Tax
,
2014
,
5
%
,
6/01/33
.........
3,000,000
3,331,741
Prince
Edward
County
Industrial
Development
Authority
,
President
and
Trustees
of
Hampden-Sydney
College
,
Revenue
,
2018
,
5
%
,
9/01/48
....................
2,050,000
2,466,003
Prince
William
County
Industrial
Development
Authority
,
Novant
Health
Obligated
Group
,
Revenue
,
2013
B
,
Pre-Refunded
,
5
%
,
11/01/46
.....................
10,000,000
10,436,035
Riverside
Regional
Jail
Authority
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/31
.........
6,215,000
7,042,198
Roanoke
Economic
Development
Authority
,
Carilion
Clinic
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/01/51
.......................................
12,055,000
14,068,213
Salem
Economic
Development
Authority
,
Roanoke
College
,
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/49
......................................................
925,000
1,125,313
Stafford
County
&
Staunton
Industrial
Development
Authority
,
Revenue
,
2007
E
,
AGMC
Insured
,
5
%
,
8/01/37
...............................................
960,000
960,761
University
of
Virginia
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
4/01/47
................
9,630,000
11,651,574
Upper
Occoquan
Sewage
Authority
,
Revenue
,
2016
B
,
Refunding
,
4
%
,
7/01/35
.....
6,165,000
6,998,435
Virginia
Beach
Development
Authority
,
Westminster-Canterbury
on
Chesapeake
Bay
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
9/01/40
............................................
1,750,000
2,007,545
Westminster-Canterbury
on
Chesapeake
Bay
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
9/01/44
............................................
2,215,000
2,530,594
Virginia
College
Building
Authority
,
Revenue,
2016
A,
Pre-Refunded,
5%,
9/01/27
............................
75,000
90,114
Revenue,
2016
A,
5%,
9/01/27
........................................
3,925,000
4,720,035
Revenue,
2016
A,
Refunding,
4%,
2/01/30
...............................
7,000,000
7,899,991
Revenue,
2019
A,
4%,
2/01/34
........................................
5,000,000
5,957,992
Revenue,
2020
A,
4%,
2/01/38
........................................
5,000,000
6,013,669
Revenue,
2021,
Refunding,
4%,
6/01/36
.................................
2,750,000
3,197,179
Revenue,
2021,
Refunding,
3%,
6/01/41
.................................
4,800,000
4,973,903
Revenue,
2021,
Refunding,
4%,
6/01/46
.................................
3,725,000
4,226,264
Randolph-Macon
College,
Revenue,
2021
A,
Refunding,
3%,
1/15/39
...........
795,000
867,623
Randolph-Macon
College,
Revenue,
2021
A,
Refunding,
2.25%,
1/15/40
........
450,000
450,480
Randolph-Macon
College,
Revenue,
2021
A,
Refunding,
3%,
1/15/41
...........
500,000
543,326
Randolph-Macon
College,
Revenue,
2021
A,
Refunding,
3%,
1/15/46
...........
1,100,000
1,182,088
Randolph-Macon
College,
Revenue,
2021
A,
Refunding,
3%,
1/15/51
...........
1,750,000
1,870,619
Washington
&
Lee
University
(The),
Revenue,
2015
A,
Refunding,
5%,
1/01/40
....
5,000,000
5,613,806
Virginia
Commonwealth
Transportation
Board
,
Revenue,
2016,
5%,
9/15/30
.........................................
2,260,000
2,712,638
Revenue,
2016,
5%,
9/15/31
.........................................
4,000,000
4,799,041
Revenue,
2019,
4%,
5/15/40
.........................................
13,060,000
15,337,066
Revenue,
2020,
4%,
9/15/35
.........................................
4,000,000
4,879,616
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
192
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Virginia
Housing
Development
Authority
,
Revenue
,
2018
D
,
3.8
%
,
10/01/43
........
$
3,805,000
$
4,178,655
Virginia
Public
Building
Authority
,
Revenue
,
2019
A
,
4
%
,
8/01/35
................
1,250,000
1,504,877
Virginia
Public
School
Authority
,
Revenue,
2014
B,
Refunding,
5%,
8/01/24
...............................
10,000,000
11,226,093
Revenue,
2018
B,
5%,
8/01/30
........................................
5,280,000
6,646,785
Revenue,
2019
A,
5%,
8/01/30
........................................
3,535,000
4,582,337
Revenue,
2019
A,
5%,
8/01/31
........................................
2,625,000
3,390,616
Revenue,
2020
B,
Refunding,
4%,
8/01/34
...............................
5,190,000
6,375,066
County
of
Prince
William,
Revenue,
2018,
4%,
3/01/33
......................
5,795,000
6,826,340
Virginia
Resources
Authority
,
Revenue,
Pre-Refunded,
5%,
11/01/38
..................................
3,195,000
3,752,567
Revenue,
5%,
11/01/38
.............................................
1,970,000
2,294,519
Revenue,
2015
B,
Refunding,
5%,
11/01/45
..............................
5,255,000
6,069,977
Revenue,
2018
C,
Refunding,
5%,
11/01/48
..............................
7,655,000
9,429,195
Revenue,
2020
B,
Refunding,
4%,
11/01/32
..............................
1,470,000
1,815,369
Virginia
Small
Business
Financing
Authority
,
95
Express
Lanes
LLC,
Revenue,
Senior
Lien,
2012,
5%,
1/01/40
.............
2,400,000
2,408,968
95
Express
Lanes
LLC,
Revenue,
Senior
Lien,
2019,
5%,
1/01/44
.............
2,500,000
2,509,114
Bon
Secours
Mercy
Health,
Inc.,
Revenue,
2020
A,
Refunding,
4%,
12/01/49
.....
5,000,000
5,753,921
I-66
Express
Mobility
Partners
LLC,
Revenue,
Senior
Lien,
2017,
5%,
12/31/47
...
6,600,000
7,897,060
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/36
...
2,210,000
2,497,414
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/41
...
2,500,000
2,803,277
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/51
...
7,500,000
8,333,455
National
Senior
Campuses,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
1/01/39
........................................................
2,520,000
2,877,995
National
Senior
Campuses,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
1/01/45
........................................................
750,000
847,723
Sentara
Healthcare
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/01/38
...
4,000,000
4,721,674
Sentara
Healthcare
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/01/39
...
8,730,000
10,292,951
Winchester
Economic
Development
Authority
,
Valley
Health
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
1/01/44
.................................
5,000,000
5,768,353
548,060,503
Washington
0.2%
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/44
.............................
1,000,000
1,229,285
Wisconsin
0.7%
b
Public
Finance
Authority
,
Affordable
Housing
Preservation
Corp.
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
12/01/22
.................................
4,200,000
4,200,000
U.S.
Territories
6.1%
District
of
Columbia
4.5%
Metropolitan
Washington
Airports
Authority
,
Aviation
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
10/01/49
........................................................
5,000,000
6,132,149
Washington
Metropolitan
Area
Transit
Authority
,
Revenue,
2017
B,
5%,
7/01/42
........................................
5,000,000
6,013,208
Revenue,
2020
A,
5%,
7/15/36
........................................
5,000,000
6,502,755
Revenue,
2020
A,
5%,
7/15/45
........................................
7,000,000
8,883,960
Revenue,
2021
A,
5%,
7/15/37
........................................
1,000,000
1,329,000
28,861,072
Puerto
Rico
1.6%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,700,000
1,843,596
c
Revenue,
WW-RSA-1,
5.5%,
7/01/38
...................................
1,040,000
1,029,600
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
193
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Electric
Power
Authority,
(continued)
c
Revenue,
XX-RSA-1,
5.25%,
7/01/40
...................................
$
1,900,000
$
1,876,250
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
NATL
Insured,
5.25%,
7/01/33
.................
1,100,000
1,195,496
Revenue,
CC,
Refunding,
AGMC
Insured,
5.5%,
7/01/31
....................
1,800,000
2,025,508
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
1,600,000
1,744,641
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/37
..
200,000
230,893
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/29
..
425,000
529,408
10,475,392
Total
U.S.
Territories
....................................................................
39,336,464
Total
Municipal
Bonds
(Cost
$588,411,025)
.....................................
622,466,363
a
a
a
a
Short
Term
Investments
2.2%
Municipal
Bonds
2.2%
Virginia
2.2%
d
Albermarle
County
Economic
Development
Authority
,
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.04
%
,
10/01/48
........................................................
5,900,000
5,900,000
d
Virginia
College
Building
Authority
,
University
of
Richmond
,
Revenue
,
2006
,
SPA
Wells
Fargo
Bank
NA
,
Daily
VRDN
and
Put
,
0.03
%
,
11/01/36
......................
8,295,000
8,295,000
14,195,000
Total
Municipal
Bonds
(Cost
$14,195,000)
......................................
14,195,000
Total
Short
Term
Investments
(Cost
$14,195,000
)
................................
14,195,000
a
Total
Investments
(Cost
$602,606,025)
99.7%
...................................
$636,661,363
Other
Assets,
less
Liabilities
0.3%
.............................................
1,545,840
Net
Assets
100.0%
...........................................................
$638,207,203
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2021,
the
value
of
this
security
was
$4,200,000,
representing
0.7%
of
net
assets.
c
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
d
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Notes
to
Statements
of
Investments
(unaudited)
194
Quarterly
Statements
of
Investments
1.
Organization
Franklin
Tax-Free
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of twenty-one
separate
funds
(Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP). 
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Funds’
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
and
exchange
traded
funds
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
3.
Concentration
of
Risk 
Certain
or
all
Funds
invest
a
large
percentage
of
their
total
assets
in
obligations
of
issuers
within
their
respective
state,
U.S.
territories,
and
the
District
of
Columbia.
Such
concentration
may
subject
the
Funds
to
risks
associated
with
industrial
or
regional
matters,
and
economic,
political
or
legal
developments
occurring
within
those
states,
U.S.
territories,
and
the
District
of
Columbia.
Investing
in
Puerto
Rico
securities
may
expose
the
Funds to
heightened
risks
due
to
recent
adverse
economic
and
market
changes,
credit
downgrades
and
ongoing
restructuring
discussions.
In
addition,
investments
in
these
securities
are
sensitive
to
interest
rate
changes
and
credit
risk
of
the
issuer
and
may
subject
the
Funds
to
increased
market
volatility.
The
market
for
these
investments
may
be
limited,
which
may
make
them
difficult
to
buy
or
sell. 
Franklin
Tax-Free
Trust
Notes
to
Statements
of
Investments
(unaudited)
195
Quarterly
Statements
of
Investments
4.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the
Funds, their ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and their ability
to
achieve their investment
objectives.
5.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
November
30,
2021,
investments
in
affiliated
management
investment
companies
were
as
follows: 
6. Fair
Value
Measurements 
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Liberty
Federal
Tax-Free
Bond
ETF
...............
$67,125,853
$—
$—
$
—
$
1,131,247
$
68,257,100
2,515,000
$
813,919
Total
Affiliated
Securities
...
$67,125,853
$—
$—
$—
$1,131,247
$68,257,100
$813,919
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Liberty
Federal
Tax-Free
Bond
ETF
...............
$37,366,280
$—
$(2,701,236)
$
(52,514)
$
669,470
$
35,282,000
1,300,000
$
449,049
Total
Affiliated
Securities
...
$37,366,280
$—
$(2,701,236)
$(52,514)
$669,470
$35,282,000
$449,049
Franklin
High
Yield
Tax-Free
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Liberty
Federal
Intermediate
Tax-Free
Bond
Opportunities
ETF
.........
$30,278,325
$11,999,875
$—
$
—
$
751,850
$
43,030,050
1,605,000
$
600,359
Total
Affiliated
Securities
...
$30,278,325
$11,999,875
$—
$—
$751,850
$43,030,050
$600,359
Franklin
Tax-Free
Trust
Notes
to
Statements
of
Investments
(unaudited)
196
Quarterly
Statements
of
Investments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
• Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
A
summary
of
inputs
used
as
of
November
30,
2021,
in
valuing
the
Funds’
assets
carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Franklin
Alabama
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
$
—
$
249,907,363
$
—
$
249,907,363
Total
Investments
in
Securities
...........
$—
$249,907,363
$—
$249,907,363
Franklin
Arizona
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
1,032,171,065
—
1,032,171,065
Short
Term
Investments
...................
—
4,000,000
—
4,000,000
Total
Investments
in
Securities
...........
$—
$1,036,171,065
$—
$1,036,171,065
Franklin
Colorado
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
743,568,734
—
743,568,734
Short
Term
Investments
...................
—
17,575,000
—
17,575,000
Total
Investments
in
Securities
...........
$—
$761,143,734
$—
$761,143,734
Franklin
Connecticut
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
195,355,682
—
195,355,682
Total
Investments
in
Securities
...........
$—
$195,355,682
$—
$195,355,682
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
68,257,100
—
—
68,257,100
Municipal
Bonds
.........................
—
3,809,353,932
—
3,809,353,932
Short
Term
Investments
...................
—
18,535,000
—
18,535,000
Total
Investments
in
Securities
...........
$68,257,100
$3,827,888,932
$—
$3,896,146,032
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
35,282,000
—
—
35,282,000
Municipal
Bonds
.........................
—
1,170,481,172
—
1,170,481,172
Short
Term
Investments
...................
—
248,610,000
—
248,610,000
Total
Investments
in
Securities
...........
$35,282,000
$1,419,091,172
$—
$1,454,373,172
Franklin
Georgia
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
477,418,234
—
477,418,234
Short
Term
Investments
...................
—
2,500,000
—
2,500,000
Total
Investments
in
Securities
...........
$—
$479,918,234
$—
$479,918,234
6. Fair
Value
Measurements 
(continued)
Franklin
Tax-Free
Trust
Notes
to
Statements
of
Investments
(unaudited)
197
Quarterly
Statements
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
High
Yield
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
$
43,030,050
$
—
$
—
$
43,030,050
Corporate
Bonds
:
United
States
.........................
—
7,205,000
1,920,000
9,125,000
Municipal
Bonds
:
—
Alabama
.............................
—
176,018,037
—
176,018,037
Arizona
..............................
—
130,142,732
—
130,142,732
California
.............................
—
1,332,686,438
—
1,332,686,438
Colorado
.............................
—
368,241,124
—
368,241,124
Connecticut
...........................
—
38,997,604
—
38,997,604
Florida
...............................
—
892,450,796
—
892,450,796
Georgia
..............................
—
73,836,367
—
73,836,367
Idaho
................................
—
13,351,771
—
13,351,771
Illinois
...............................
—
310,132,574
—
310,132,574
Indiana
..............................
—
59,207,963
—
59,207,963
Iowa
................................
—
8,074,874
—
8,074,874
Kansas
..............................
—
5,880,429
—
5,880,429
Kentucky
.............................
—
30,599,473
—
30,599,473
Louisiana
.............................
—
86,839,469
—
86,839,469
Maryland
.............................
—
25,973,959
—
25,973,959
Massachusetts
........................
—
20,423,975
—
20,423,975
Michigan
.............................
—
171,130,895
—
171,130,895
Minnesota
............................
—
12,048,770
—
12,048,770
Mississippi
............................
—
83,226,806
—
83,226,806
Missouri
..............................
—
24,174,217
—
24,174,217
Montana
.............................
—
6,736,121
—
6,736,121
Nevada
..............................
—
78,718,812
—
78,718,812
New
Hampshire
........................
—
15,510,649
—
15,510,649
New
Jersey
...........................
—
297,045,030
—
297,045,030
New
Mexico
...........................
—
7,411,140
—
7,411,140
New
York
.............................
—
461,410,819
—
461,410,819
North
Carolina
.........................
—
9,702,438
—
9,702,438
North
Dakota
..........................
—
25,650,280
—
25,650,280
Ohio
................................
—
186,778,682
—
186,778,682
Oklahoma
............................
—
12,728,682
—
12,728,682
Oregon
..............................
—
48,262,753
—
48,262,753
Pennsylvania
..........................
—
141,086,167
—
141,086,167
Rhode
Island
..........................
—
8,051,703
—
8,051,703
South
Carolina
.........................
—
75,295,866
—
75,295,866
South
Dakota
..........................
—
14,997,387
—
14,997,387
Tennessee
............................
—
80,602,500
—
80,602,500
Texas
...............................
—
538,207,822
—
538,207,822
Utah
................................
—
35,308,227
—
35,308,227
Vermont
..............................
—
3,067,629
—
3,067,629
Virginia
..............................
—
97,673,914
—
97,673,914
Washington
...........................
—
119,976,231
1,492,000
121,468,231
West
Virginia
..........................
—
11,599,421
—
11,599,421
Wisconsin
............................
—
157,768,258
—
157,768,258
U.S.
Territories
..........................
District
of
Columbia
.....................
—
124,044,407
—
124,044,407
Guam
...............................
—
14,490,568
—
14,490,568
Pacific
Islands
.........................
—
9,003,521
—
9,003,521
Puerto
Rico
...........................
—
594,793,641
—
594,793,641
Short
Term
Investments
...................
—
73,545,000
—
73,545,000
Total
Investments
in
Securities
...........
$43,030,050
$7,120,110,941
$3,412,000
$7,166,552,991
6. Fair
Value
Measurements 
(continued)
Franklin
Tax-Free
Trust
Notes
to
Statements
of
Investments
(unaudited)
198
Quarterly
Statements
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Louisiana
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
$
—
$
383,117,816
$
—
$
383,117,816
Total
Investments
in
Securities
...........
$—
$383,117,816
$—
$383,117,816
Franklin
Maryland
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
413,716,758
—
413,716,758
Short
Term
Investments
...................
—
4,200,000
—
4,200,000
Total
Investments
in
Securities
...........
$—
$417,916,758
$—
$417,916,758
Franklin
Massachusetts
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
420,360,355
—
420,360,355
Short
Term
Investments
...................
—
525,000
—
525,000
Total
Investments
in
Securities
...........
$—
$420,885,355
$—
$420,885,355
Franklin
Michigan
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
959,479,264
—
959,479,264
Short
Term
Investments
...................
—
12,190,000
—
12,190,000
Total
Investments
in
Securities
...........
$—
$971,669,264
$—
$971,669,264
Franklin
Minnesota
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
1,122,742,432
—
1,122,742,432
Short
Term
Investments
...................
—
25,365,000
—
25,365,000
Total
Investments
in
Securities
...........
$—
$1,148,107,432
$—
$1,148,107,432
Franklin
Missouri
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
1,003,283,771
—
1,003,283,771
Short
Term
Investments
...................
—
4,400,000
—
4,400,000
Total
Investments
in
Securities
...........
$—
$1,007,683,771
$—
$1,007,683,771
Franklin
Municipal
Green
Bond
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
9,188,125
—
9,188,125
Total
Investments
in
Securities
...........
$—
$9,188,125
$—
$9,188,125
Franklin
New
Jersey
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
820,813,033
—
820,813,033
Short
Term
Investments
...................
—
1,500,000
—
1,500,000
Total
Investments
in
Securities
...........
$—
$822,313,033
$—
$822,313,033
Franklin
North
Carolina
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
826,636,662
—
826,636,662
Short
Term
Investments
...................
—
42,570,000
—
42,570,000
Total
Investments
in
Securities
...........
$—
$869,206,662
$—
$869,206,662
6. Fair
Value
Measurements 
(continued)
Franklin
Tax-Free
Trust
Notes
to
Statements
of
Investments
(unaudited)
199
Quarterly
Statements
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
Level
1
Level
2
Level
3
Total
Franklin
Ohio
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
$
—
$
1,642,975,955
$
—
$
1,642,975,955
Short
Term
Investments
...................
—
35,380,000
—
35,380,000
Total
Investments
in
Securities
...........
$—
$1,678,355,955
$—
$1,678,355,955
Franklin
Oregon
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
1,297,832,043
—
1,297,832,043
Short
Term
Investments
...................
—
45,500,000
—
45,500,000
Total
Investments
in
Securities
...........
$—
$1,343,332,043
$—
$1,343,332,043
Franklin
Pennsylvania
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
1,042,378,791
—
1,042,378,791
Short
Term
Investments
...................
—
20,500,000
—
20,500,000
Total
Investments
in
Securities
...........
$—
$1,062,878,791
$—
$1,062,878,791
Franklin
Virginia
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
622,466,363
—
622,466,363
Short
Term
Investments
...................
—
14,195,000
—
14,195,000
Total
Investments
in
Securities
...........
$—
$636,661,363
$—
$636,661,363
6. Fair
Value
Measurements 
(continued)
Franklin
Tax-Free
Trust
Notes
to
Statements
of
Investments
(unaudited)
200
Quarterly
Statements
of
Investments
7.
Subsequent
Events
The
Funds
have evaluated
subsequent
events
through
the
issuance
of
the
Statements of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Cu
r
rency
USD
United
States
Dollar
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BA
M
Build
America
Mutual
Assurance
Co.
BHAC
Berkshire
Hathaway
Assurance
Corp.
COP
Certificate
of
Participation
ETF
Exchange-Traded
Fund
ETM
Escrowed
to
Maturity
FGIC
Financial
Guaranty
Insurance
Co.
FHA
Federal
Housing
Administration
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LIBOR
London
Inter-Bank
Offered
Rate
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
PSF
Permanent
School
Fund
SIFMA
Securities
Industry
and
Financial
Markets
Association
SOFR
Secured
Overnight
Financing
Rate
SPA
Standby
Purchase
Agreement
XLCA
XL
Capital
Assurance,
Inc.
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.